Southern Company subsidiary acquires Wake Wind Energy Center
Oct 28, 2016, 09:00 ET
ATLANTA, Oct. 28, 2016 /PRNewswire/ -- Southern Company subsidiary Southern Power today announced the acquisition of a controlling interest in the 257-megawatt (MW) Wake Wind Energy Center, the company's first wind acquisition in Texas. Invenergy Wind LLC developed and constructed Wake Wind and owns the remaining interest in the project.
"Southern Power remains committed to strategically developing our renewable energy portfolio," said Southern Power President and CEO Buzz Miller. "The Wake Wind Energy Center continues our growth in wind generation and will provide renewable wholesale energy to our customers."
The Wake Wind facility is located in the northwest Texas counties of Crosby and Floyd. The project 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.
"Wake Wind was developed to meet the needs of our customers for long-term renewable energy supply," said Jim Murphy, Chief Financial Officer and Operating Business Group President at Invenergy. "We're pleased Southern Power, a company with the same dedication to providing clean, affordable, wholesale generation to customers, wants to take ownership in this great project and we look forward to exploring additional opportunities to work with them in the future."
With the addition of the Wake Wind Energy Center, Southern Power owns more than 2,600 MW of renewable generation across 32 solar, wind and biomass facilities either announced, acquired or under construction. Across its system, Southern Company has added or announced more than 4,000 MW of renewable generation since 2012.
Blattner Energy Inc. was the lead construction contractor for Wake Wind Energy Center, and Invenergy Services LLC will operate and maintain the facility. The Wake Wind Energy Center uses 150 wind turbines manufactured by General Electric Renewable Energy.
The electricity and majority of the associated renewable energy credits (RECs) generated by the facility will be sold under two separate, long-term power sale agreements. Southern Power, through its subsidiaries, will retain a small percentage of electricity and RECs generated, which it may keep or sell.
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, investor-owned utilities and other energy customers that serve more than 40 million end users. Southern Power and its subsidiaries own or have the rights to 42 facilities operating or under construction in 11 states with more than 11,900 MW of generating capacity in Alabama, California, Florida, Georgia, Maine, Minnesota, Nevada, New Mexico, North Carolina, Oklahoma and Texas.
About Southern Company
Southern Company (NYSE: SO) is America's premier energy company, with 44,000 megawatts of generating capacity and 1,500 billion cubic feet of combined natural gas consumption and throughput volume serving 9 million electric and gas utility customers through its subsidiaries. The company provides clean, safe, reliable and affordable energy through electric utilities in four states, natural gas distribution utilities in seven states, a competitive generation company serving wholesale customers across America and a nationally recognized provider of customized energy solutions, 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 carbon-free 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, recognized among the Top 50 Companies for Diversity by DiversityInc, listed by Black Enterprise magazine as one of the 40 Best Companies for Diversity and designated a Top Employer for Hispanics by Hispanic Network. The company has earned a 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.
About Invenergy
Invenergy drives innovation in energy. Invenergy and its affiliated companies develop, own, and operate large-scale renewable and other clean energy generation and storage facilities in the Americas, and Europe. Invenergy's home office is located in Chicago and it has regional development offices in the United States, Canada, Mexico, Japan and Europe. Invenergy and its affiliated companies have developed more than 13,700 MW of projects that are in operation, construction or advanced development, including wind, solar, natural gas-fueled power generation and energy storage projects. For more information, please visit www.invenergyllc.com.
Cautionary Notes 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 the operation of the Wake Wind Energy Center. Southern Company and Southern Power caution 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 Southern Company and Southern Power; accordingly, there can be no assurance that such suggested results will be realized. The following factors, in addition to those discussed in each of Southern Company's and Southern Power's Annual Reports on Form 10-K for the year ended December 31, 2015, and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: the ability to control costs and avoid cost overruns during the development and construction of generating facilities, to construct facilities in accordance with the requirements of permits and licenses, and to satisfy any operational and environmental performance standards, including the requirements of tax credits and other incentives; and potential business strategies, including acquisitions or dispositions of assets or businesses, which cannot be assured to be completed or beneficial to Southern Company or Southern Power. Southern Company and Southern Power expressly disclaim any obligation to update any forward-looking information.
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