Southern Company Subsidiary Acquires East Pecos Solar Facility in Texas
ATLANTA - Southern Company subsidiary Southern Power today announced the acquisition of the company's second solar project in Texas and its 35th generating facility overall - the 120-megawatt (MW) East Pecos Solar Facility.
"Southern Power's acquisition of the East Pecos Solar Facility underscores the company's commitment to strategically develop renewables across America," said Southern Company Chairman, President and CEO Thomas A. Fanning. "This project aligns with its conservative business model as Southern Power has built one of the nation's largest renewable energy portfolios."
The East Pecos Solar Facility will be located on approximately 1,000 acres in Pecos County and is expected to consist of approximately 1.2 million of First Solar's thin-film, photovoltaic solar modules mounted on single-axis tracking tables.
First Solar is building and will operate and maintain the facility. Construction began in February and the facility is expected to reach commercial operation in the fourth quarter 2016.
The electricity and associated renewable energy credits (RECs) generated by the facility will be sold under a 15-year power purchase agreement with Austin Energy, which will have the option to keep or sell the RECs.
On Nov. 30, 2015, Southern Power announced the acquisition of a controlling interest in its first solar project in Texas - the 157-megawatt Roserock Solar Facility.
With more than 1,900 MW of renewable generating capacity ownership, Southern Power assembled its nationally recognized renewable portfolio through the strategic development of 26 solar, wind and biomass projects either in operation or under development across the United States. In all, the Southern Company system has added or announced more than 3,800 MW of renewable energy projects since 2012.
The East Pecos Solar Facility fits Southern Power's business strategy of growing its wholesale business through the acquisition and construction of generating assets substantially covered by long-term contracts.
About Southern Power
Southern Power, a subsidiary of Southern Company, is a leading U.S. wholesale energy provider meeting the electricity needs of municipalities, electric cooperatives and investor-owned utilities. Southern Power and its subsidiaries own or have the rights to 35 facilities operating or under construction in nine states with more than 10,500 MW of generating capacity in Alabama, California, Florida, Georgia, Nevada, New Mexico, North Carolina, Oklahoma and Texas.
About Southern Company
With more than 4.5 million customers and approximately 46,000 megawatts of generating capacity, Atlanta-based Southern Company (NYSE: SO) is the premier energy company serving the Southeast through its subsidiaries. A leading U.S. producer of clean, safe, reliable and affordable electricity, Southern Company owns electric utilities in four states and a growing competitive generation company, as well as fiber optics and wireless communications. Southern Company brands are known for excellent customer service, high reliability and affordable prices that are below the national average. Through an industry-leading commitment to innovation, Southern Company and its subsidiaries are inventing America's energy future by developing the full portfolio of energy resources, including nuclear, 21st century coal, natural gas, renewables and energy efficiency, and creating new products and services for the benefit of customers. Southern Company has been named by the U.S. Department of Defense and G.I. Jobs magazine as a top military employer, listed by Black Enterprise magazine as one of the 40 Best Companies for Diversity and designated a 2014 Top Employer for Hispanics by Hispanic Network. The company earned the 2014 National Award of Nuclear Science and History from the National Atomic Museum Foundation for its leadership and commitment to nuclear development, and is continually ranked among the top utilities in Fortune's annual World's Most Admired Electric and Gas Utility rankings. Visit our website at www.southerncompany.com.
SOURCE Southern Company
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Web Site: http://www.southerncompany.com