Southern Company subsidiary and Turner Renewable Energy acquire Morelos del Sol Solar Facility in California
ATLANTA, Oct. 26, 2015 /PRNewswire/ -- Southern Company subsidiary Southern Power and Turner Renewable Energy today announced the acquisition of the 15-megawatt (MW) Morelos del Sol Solar Facility from Solar Frontier Americas.
"This acquisition with longtime partner Turner Renewable Energy strengthens Southern Company's position as a national leader in renewables," said Southern Company Chairman, President and CEO Thomas A. Fanning. "The acquisition of the Morelos del Sol Solar Facility aligns with our company's broader commitment to best meeting customers' energy needs."
Southern Power's eighth solar acquisition in California, the Morelos del Sol Solar Facility will be located on 138 acres and is expected to consist of 111,744 thin-film photovoltaic (PV) solar modules mounted on single-axis trackers. Located in Kern County, California, the project has created approximately 300 construction jobs.
Ted Turner, owner of Turner Renewable Energy, teamed with Southern Company through a subsidiary in January 2010 to form a strategic alliance to pursue development of renewable energy projects in the United States. The partnership has primarily focused on developing and investing in large-scale solar PV projects in the Southwest, where solar resources are most available. This is the company's eighth solar project with Turner Renewable Energy and brings the partnership's overall solar capacity to more than 320 MW.
"The acquisition of the Morelos del Sol facility is another important step in advancing the development of solar technologies," said Turner. "Turner Renewable Energy is pleased to continue our growing relationship as a strategic partner with Southern Company, further surpassing the milestone of 300 megawatts in solar capacity."
DEPCOM Power is providing engineering, procurement and construction services and will also operate and maintain the facility for Southern Power. Construction of the plant began in July, and commercial operation is expected in late November.
The electricity and associated renewable energy credits generated by the facility will be sold under a 20-year power purchase agreement with Pacific Gas & Electric Company.
Southern Power assembled its nationally recognized renewable portfolio – with approximately 1,650 MW of generating capacity ownership either already in operation or under development – through the strategic development of 22 solar, wind and biomass projects across the United States. In all, the Southern Company system has added or announced more than 3,600 MW of renewable projects since 2012.
Turner Renewable Energy is wholly owned by Ted Turner. Turner Enterprises, Inc., a private company, manages the business interests, land holdings and investments of Ted Turner, including the oversight of 2 million acres in 12 states and in Argentina, and more than 51,000 bison.
The Morelos del Sol 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 31 facilities operating or under construction in nine states with more than 10,200 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.
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 construction and subsequent operation of the Morelos del Sol Solar Facility in California, job creation, and the future generating capacity of Southern Power and its subsidiaries' facilities. 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, 2014, 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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