Nov 6 2013
Southern Company subsidiary Southern Power today announced an agreement to acquire the company's second solar photovoltaic (PV) installation in California – the 20-megawatt (MW) Adobe Solar Facility – in partnership with Turner Renewable Energy. The Southern Power-Turner Renewable Energy partnership's sixth solar project acquisition is expected to close upon the successful completion of construction, which is anticipated in spring 2014.
"Southern Company continues to be a leader in the development of renewable generation," said Southern Company Chairman, President and CEO Thomas A. Fanning. "The Adobe Solar Facility reflects our ongoing commitment to develop the full portfolio of energy resources – an effort that has amounted to more than 1,700 megawatts of additional renewable energy resources since January 2012."
The Adobe Solar Facility will be built, operated and maintained by SunEdison, a leading global solar technology manufacturer and provider of solar technology and solar energy services. Construction of the project began this fall.
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 solar PV projects where solar resources are most favorable.
"Renewable energy is playing an increasingly important role in meeting America's energy needs," said Turner. "The agreement to acquire the Adobe Solar Facility demonstrates our companies' continued commitment to the strategic development of renewable energy."
The Adobe Solar Facility will be located on a 160-acre site in Kern County, Calif.
"We are pleased to enter our fourth partnership with Southern Company and Turner Renewable Energy, and are delighted they share our commitment to solar energy," said SunEdison President and CEO Ahmad Chatila. "The Adobe Solar Facility is another example of how SunEdison's innovation continues to make solar an economically attractive energy solution."
Electricity generated by the plant will serve a 20-year power purchase agreement with Southern California Edison, a subsidiary of Edison International. Headquartered in Rosemead, Calif., Edison International, through its subsidiaries, is a generator and distributor of electric power and an investor in infrastructure and energy assets, including renewable energy.
The acquisition fits Southern Power's business strategy of growing the wholesale business in targeted markets through acquiring generating assets and building new units, the output of which is significantly covered by long-term contracts.
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 and operate 15 facilities in eight states, with more than 8,700 MW of generating capacity operating or under construction in Alabama, California, Florida, Georgia, Nevada, New Mexico, North Carolina and Texas.
SunEdison (NYSE: SUNE) is a global leader in semiconductor and solar technology. SunEdison's semiconductor business has been a pioneer in the design and development of silicon wafer technologies for over 50 years. With R&D and manufacturing facilities in the U.S., Europe and Asia, SunEdison enables the next generation of high performance semiconductor devices. SunEdison's solar business develops, finances, installs and operates distributed power plants, delivering predictably priced solar energy and services for its commercial, government and utility customers.
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 55,000 bison.
With 4.4 million customers and nearly 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 energy innovation, excellent customer service, high reliability and retail electric prices that are below the national average. Southern Company and its subsidiaries are leading the nation's nuclear renaissance through the construction of the first new nuclear units to be built in a generation of Americans and are demonstrating their commitment to energy innovation through the development of a state-of-the-art coal gasification plant. Southern Company has been recognized by the U.S. Department of Defense and G.I. Jobs magazine as a top military employer and listed by DiversityInc as a top company for Blacks. The company received the 2012 Edison Award from the Edison Electric Institute for its leadership in new nuclear development, was named Electric Light & Power magazine's Utility of the Year for 2012 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: http://www.southerncompany.com/