ATLANTA, April 9, 2018 /PRNewswire/ -- Georgia Power today announced plans to add more than 177 MW* of new solar resources to supply the company's Commercial & Industrial Renewable Energy Development Initiative (C&I REDI). C&I REDI was developed through the company's 2016 Integrated Resource Plan process and received final approval from the Georgia Public Service Commission (PSC) in 2017. The program, developed in coordination with the Georgia PSC and interested customers, is designed to further the growth of renewable energy in Georgia while also helping commercial and industrial customers meet distinct renewable energy goals.
"We are excited to partner with individual customers to accomplish their renewable energy goals, while also adding value for all customers through continued diversification of our state's energy mix," said Wilson Mallard, director of Renewable Development for Georgia Power. "This program demonstrates our ongoing commitment to responsibly procure renewable energy resources to meet our customers' evolving energy needs, while ensuring reliable and affordable energy for millions of Georgians every day."
Georgia Power hosted a Notice of Intent process in 2017 during which eligible customers applied to participate in the program. Four Georgia Power customers – Google, Johnson & Johnson, Target and Walmart – have subscribed to the C&I REDI Program through customer agreements for terms of at least 10 years in length. These participating customers will receive hourly credits matching the actual production from the two C&I REDI facilities, and will receive the benefit of renewable energy credits (RECs) generated from these new resources.
On April 3, the Georgia PSC approved Georgia Power power purchase agreements (PPAs) for the C&I REDI program with two developers building, owning and operating the solar facilities to supply the program. The first PPA is with NextEra Energy Resources through its subsidiary Dougherty County Solar, LLC for the 120 MW Dougherty County Solar Facility, located in Albany, Georgia, which is scheduled to begin operation by December 31, 2019. The second PPA is with Origis Energy through its subsidiary GA Solar 3, LLC for the 57.5 MW Tanglewood Solar facility, located in Camilla, Georgia, scheduled to begin operation by June 30, 2020. Both PPAs have 30-year terms and will provide energy and capacity benefits to Georgia Power. Georgia Power will provide all the associated RECs to the customers participating in the C&I REDI Program, which will be retired on their behalf for the duration of the terms of their customer agreements.
Strategically Growing Renewable Energy
Through programs and projects developed in coordination with the Georgia PSC, Georgia Power is committed to maintaining a diverse generation portfolio and helping all customers with their renewable energy needs. With 970 MW* of solar capacity currently online, the company continues to have the largest voluntary renewable portfolio in the nation and expects to add up to 1,600 MW* of additional renewable capacity by 2021. Most recently, the company introduced Community Solar, a program for residential customers that gives subscribers a bill credit based on actual solar energy production at Georgia Power's Community Solar facilities. To learn more about Georgia Power's optional subscription programs such as Community Solar and Simple Solar, as well as solar tools and resources for customers, visit www.GeorgiaPower.com/Solar.
* REC Disclaimer: Every megawatt hour of electricity produced by an eligible solar generation resource creates a Renewable Energy Credit (REC). Georgia Power purchases only the null energy output from some renewable generating facilities that have contracted to sell that energy to Georgia Power. Ownership of the associated RECs is specified in each respective power purchase agreement. The party that owns the RECs retains the right to use them.
About Georgia Power
Georgia Power is the largest electric subsidiary of Southern Company (NYSE: SO), America's premier energy company. Value, Reliability, Customer Service and Stewardship are the cornerstones of the company's promise to 2.5 million customers in all but four of Georgia's 159 counties. Committed to delivering clean, safe, reliable and affordable energy at rates below the national average, Georgia Power maintains a diverse, innovative generation mix that includes nuclear, coal and natural gas, as well as renewables such as solar, hydroelectric and wind. Georgia Power focuses on delivering world-class service to its customers every day and the company is consistently recognized by J.D. Power and Associates as an industry leader in customer satisfaction. For more information, visit www.GeorgiaPower.com and connect with the company on Facebook (Facebook.com/GeorgiaPower), Twitter (Twitter.com/GeorgiaPower) and Instagram (Instagram.com/ga_power).
Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this release is forward-looking information based on current expectations and plans that involve risks and uncertainties. Forward-looking information includes, among other things, statements concerning expected addition of solar resources and expected operation dates for solar projects. Georgia Power cautions that there are certain factors that can cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of Georgia Power; accordingly, there can be no assurance that such suggested results will be realized. The following factors, in addition to those discussed in Georgia Power's Annual Report on Form 10-K for the year ended December 31, 2017, and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: the ability of counterparties of Georgia Power to perform as required. Georgia Power expressly disclaims any obligation to update any forward-looking information.
SOURCE Georgia Power