ATLANTA, Nov. 18, 2015 /PRNewswire/ -- Southern
Company subsidiary Southern Power has completed the issuance
of $1 billion aggregate principal
amount of Green Bonds, becoming the first investment-grade electric
utility in the United States to
offer this type of security to support investment in sustainable
generation. The inaugural Green Bond issuance underscores the
company's innovation commitment as the Southern Company system
further develops the full portfolio of energy resources.
An amount equal to the net proceeds of the Green Bonds will be
allocated to eligible renewable energy projects, including solar
and wind generating facilities located in the United States.
"Southern Company is an industry leader in growing and
developing innovative technologies and solutions for the benefit of
customers," said Southern Company Chairman, President and CEO
Thomas A. Fanning. "These Green
Bonds are further evidence of our commitment to renewables as part
of a diverse generation portfolio and underscore our focus on
creating America's energy future."
Southern Power assembled its nationally recognized green energy
portfolio – with approximately 1,550 megawatts (MW) of generating
capacity owned, under development or under contract – through the
strategic development or acquisition of 21 solar and wind 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.
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 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 completion
of pending acquisitions and ongoing construction projects and the
expected use of proceeds of the green bonds. 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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SOURCE Southern Company