ATLANTA, June 20, 2016 /PRNewswire/ -- Southern Company subsidiary Southern Power has completed the issuance of €1.1 billion aggregate principal amount of Green Bonds, furthering the company's commitment to supporting investment in sustainable generation. The Green Bond issuance underscores the company's commitment to innovation as the Southern Company system further develops the full portfolio of energy resources.
An amount equal to the U.S. dollar equivalent of the net proceeds of the offering (approximately $1.2 billion) will be allocated to renewable energy generation projects, including financing of, or investments in, solar and wind power generation facilities located in the United States.
"Southern Power is an industry leader in growing renewable energy projects across the United States," said Southern Power President and CEO Buzz Miller. "Our company's issuance of Green Bonds builds on our commitment to sustainable generation as America's premier wholesale energy partner."
In a separate offering last year, Southern Power became the first investment-grade electric utility in the United States to offer this type of security to support investment in sustainable generation. The company completed the issuance of $1 billion aggregate principal amount of Green Bonds in November.
Southern Power assembled its nationally recognized green energy portfolio – with more than 2,000 megawatts (MW) of generating capacity owned, under development or under contract – through the strategic development or acquisition of 26 solar, wind and biomass projects across the United States. In all, the Southern Company system has added or announced more than 3,800 MW of renewable projects since 2012.
Southern Company and its subsidiaries, including Southern Power, demonstrate a commitment to sustainability practices by providing clean, safe, reliable and affordable energy, and have committed $20 billion to developing the full-portfolio of low- and zero-carbon emission generating resources. This is further evident system-wide through environmental stewardship, committed governance, and social and corporate responsibility.
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 9 states with more than 10,600 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 44,000 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, 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.
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 completion of pending acquisitions and construction projects and the use of proceeds from the offering. Southern Power Company ("Southern 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 Southern Power; accordingly, there can be no assurance that such suggested results will be realized. The following factors, in addition to those discussed in Southern Power's Annual Report 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 impact of recent and future federal and state regulatory changes, including legislative and regulatory initiatives regarding deregulation and restructuring of the electric utility industry, environmental laws regulating emissions, discharges and disposal to air, water and land, and also changes in tax and other laws and regulations to which Southern Power or its subsidiaries are subject, as well as changes in application of existing laws and regulations; current and future litigation, regulatory investigations, proceedings, or inquiries, including, without limitation, Internal Revenue Service and state tax audits; the effects, extent, and timing of the entry of additional competition in the markets in which Southern Power or its subsidiaries operate; variations in demand for electricity, including those relating to weather, the general economy and recovery from the last recession, population and business growth (and declines), the effects of energy conservation and efficiency measures, including from the development and deployment of alternative energy sources such as self-generation and distributed generation technologies, and any potential economic impacts resulting from federal fiscal decisions; available sources and costs of fuels; effects of inflation; 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, to satisfy environmental performance standards and the requirements of tax credits and other incentives; advances in technology; state and federal rate regulations; the ability to successfully operate generating facilities and the successful performance of necessary corporate functions; internal restructuring or other restructuring options that may be pursued; potential business strategies, including acquisitions or dispositions of assets or businesses, which cannot be assured to be completed or beneficial to Southern Power; the ability of counterparties of Southern Power or its subsidiaries to make payments as and when due and to perform as required; the ability to obtain new short- and long-term contracts with wholesale customers; the direct or indirect effect on Southern Power's business resulting from cyber intrusion or terrorist incidents and the threat of terrorist incidents; interest rate fluctuations and financial market conditions and the results of financing efforts; changes in Southern Power's credit ratings, including impacts on interest rates, access to capital markets, and collateral requirements; the impacts of any sovereign financial issues, including impacts on interest rates, access to capital markets, impacts on currency exchange rates, counterparty performance, and the economy in general; the ability of Southern Power to obtain additional generating capacity (or sell excess generating capacity) at competitive prices; catastrophic events such as fires, earthquakes, explosions, floods, hurricanes and other storms, droughts, pandemic health events such as influenzas, or other similar occurrences; the direct or indirect effects on Southern Power's business resulting from incidents affecting the U.S. electric grid or operation of generating resources; and the effect of accounting pronouncements issued periodically by standard-setting bodies.
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SOURCE Southern Company