ATLANTA, April 30, 2015
/PRNewswire/ -- Southern Company subsidiary Southern Power, a
national leader in renewables, has surpassed 1,000 megawatts (MW)
of renewable energy development with the acquisition of a
controlling interest in the 60-MW North Star Solar Facility in
California from First Solar, Inc.
The remaining interest in the project will be owned by an affiliate
of First Solar.
"Southern Power has acquired more than 1,000 MW of renewables
while staying true to its conservative business model, making smart
investments to help serve customers' energy needs now and in the
future," said Southern Company Chairman, President and CEO
Thomas A. Fanning. "Our partnership
with First Solar is helping drive the strategic expansion of
renewables in America as Southern Company continues developing the
full portfolio of energy resources."
First Solar will build, operate and maintain the North Star
Solar Facility. Construction began in July
2014, and the plant is expected to enter commercial
operation this June. The facility is expected to be capable of
generating enough electricity to help meet the energy needs of more
than 21,000 average homes.
"Southern Power's choice of this project as the latest addition
to their renewables portfolio demonstrates the value of
utility-scale solar to major independent power companies," said
First Solar's Vice President of Project Development for the Western
United States Brian Kunz. "It also confirms First Solar continues
to excel in our core capability of delivering reliable, high
quality, bankable utility-scale assets to the market."
Southern Power's fifth solar acquisition in California, the North Star Solar Facility will
be located on 626 acres in Fresno
County and is expected to consist of approximately 750,000
of First Solar's thin-film photovoltaic solar modules mounted on
single-axis tracking tables. This is the first facility in
Fresno County for Southern Power
and First Solar.
Southern Power's renewable energy portfolio of more than 1,000
MW of generating capacity ownership – either already in operation
or under development – was assembled through the strategic
development of 15 solar, wind and biomass projects across
the United States, including five
California solar projects. The
Southern Company system has added or announced more than 3,100 MW
of renewable projects since January
2012.
The electricity and associated renewable energy credits
generated by the facility will be sold under a 20-year power
purchase agreement with Pacific Gas and Electric Company
(PG&E). Headquartered in San
Francisco, PG&E provides energy to approximately 16
million people in Northern and Central
California.
The North Star 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 right to own 24
facilities operating or under construction in nine states with more
than 9,400 MW of generating capacity in Alabama, California, Florida, Georgia, Nevada, New
Mexico, North Carolina,
Oklahoma and Texas.
About First Solar, Inc.
First Solar (Nasdaq: FSLR) is a leading global provider of
comprehensive photovoltaic solar systems which use its advanced
module and system technology. The company's integrated power plant
solutions deliver an economically attractive alternative to
fossil-fuel electricity generation today. From raw material
sourcing through end-of-life module recycling, First Solar's
renewable energy systems protect and enhance the environment.
www.firstsolar.com
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 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, listed by DiversityInc as a top company for
Blacks and designated a 2014 Top Employer for Hispanics by Hispanic
Network. The company received the 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.
Cautionary Notes Regarding Forward-Looking
Statements:
First Solar
This release contains forward-looking statements which are
made pursuant to safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
include statements, among other things, concerning: our business
strategy, including anticipated trends and developments in and
management plans for our business and the markets in which we
operate; future financial results, operating results, revenues,
gross margin, operating expenses, products, projected costs,
warranties, solar module efficiency and balance of systems (BoS)
cost reduction roadmaps, restructuring, product reliability and
capital expenditures; our ability to continue to reduce the cost
per watt of our solar modules; our ability to reduce the costs to
construct photovoltaic (PV) solar power systems; research and
development programs and our ability to improve the conversion
efficiency of our solar modules; sales and marketing initiatives;
and competition. These forward-looking statements are often
characterized by the use of words such as "estimate," "expect,"
"anticipate," "project," "plan," "intend," "believe," "forecast,"
"foresee," "likely," "may," "should," "goal," "target," "might,"
"will," "could," "predict," "continue" and the negative or plural
of these words and other comparable terminology. Forward-looking
statements are only predictions based on our current expectations
and our projections about future events. You should not place undue
reliance on these forward-looking statements. We undertake no
obligation to update any of these forward-looking statements for
any reason. These forward-looking statements involve known and
unknown risks, uncertainties, and other factors that may cause our
actual results, levels of activity, performance, or achievements to
differ materially from those expressed or implied by these
statements. These factors include, but are not limited to, the
matters discussed in Item 1A: "Risk Factors," of our most recent
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current
Reports on Form 8-K and other reports filed with the SEC.
Southern Company and Southern Power
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 construction and subsequent operation of the North Star Solar
Facility 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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