ATLANTA, Nov. 30, 2015 /PRNewswire/ -- Southern
Company subsidiary Southern Power today announced the acquisition
of a controlling interest in the 157-megawatt (MW) Roserock solar
facility – the company's first solar project in Texas – from Recurrent Energy, one of
North America's largest solar
developers. The latest addition to one of America's largest
renewable portfolios, the facility is being developed by Recurrent
Energy, a subsidiary of Canadian Solar Inc., which will retain the
remaining interest in the project.
"Southern Power's first solar project in Texas helps further the company's robust
wholesale business and further expands our solar footprint," said
Southern Power President and CEO Oscar C.
Harper. "With strategic acquisitions nationally, the
continued development of industry-leading assets aligns with our
company's low-risk strategy and enhances one of America's largest
renewable portfolios."
Representing Southern Power and Recurrent Energy's second
partnership arrangement, the project, currently under construction,
is expected to enter commercial operation in the fourth quarter of
2016.
"Cost-competitive, large-scale solar power has enormous
potential in Texas," said Canadian
Solar Inc. Chairman and CEO Shawn
Qu. "The Roserock project and Recurrent Energy's solar
project pipeline in the state are each important steps forward as
Texas approaches the more than 13
gigawatts (GW) of solar that has been forecasted across the
state."
The electricity and associated renewable energy credits
generated by the facility will be sold under a 20-year power
purchase agreement with Austin Energy.
McCarthy Building Companies is providing the engineering,
procurement and construction of the Roserock solar facility, which
is expected to create approximately 500 local construction jobs.
Once completed, the project is expected to generate enough solar
energy to power the average energy needs of approximately 30,000
Texas homes.
Located on 1,300 acres of land in Pecos County, Texas, the facility will consist
of approximately 700,000 Canadian Solar CS6X-P photovoltaic solar
modules, mounted on single axis trackers. The facility layout was
developed in cooperation with mineral operator Apache
Corporation.
With one of America's most robust renewable generation
portfolios, Southern Power has announced, acquired or is
constructing more than 1,700 MW of renewable asset ownership with
23 solar, wind and biomass projects. This facility will add further
diversity and reliability to the Southern Company system's
generation mix of nuclear, 21st century coal, natural
gas, renewables and energy efficiency.
Southern Power's 20th solar acquisition, the Roserock
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 rights to 32
facilities in nine states, with more than 10,300 MW of generating
capacity operating or under development in Alabama, California, Florida, Georgia, Nevada, New
Mexico, North Carolina,
Oklahoma and Texas.
About Recurrent Energy
Recurrent Energy, a subsidiary of Canadian Solar Inc., is
redefining what it means to be a mainstream clean energy company,
with utility-scale solar plants that provide competitive clean
electricity. The company has more than 4 GW of solar projects in
development in North America.
Additional details are available at: www.recurrentenergy.com
About Canadian Solar Inc.
Founded in 2001 in Canada,
Canadian Solar (NASDAQ: CSIQ) is one of the world's largest and
foremost solar power companies. As a leading manufacturer of solar
photovoltaic modules and a provider of solar energy solutions,
Canadian Solar has a geographically diversified pipeline of
utility-scale power projects. In the past 14 years, Canadian Solar
has successfully deployed over 12 GW of premium quality modules in
over 70 countries around the world. Furthermore, Canadian Solar is
one of the most bankable companies in the solar industry, having
been publically listed on NASDAQ since 2006. For additional
information about the company, follow Canadian Solar on Facebook,
Twitter, LinkedIn, or on the website.
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:
Canadian Solar Inc.
Certain statements in this press release regarding the
Company's expected future shipment volumes, gross margins, business
prospects and future quarterly or annual results, particularly the
management quotations and the statements in the "Business Outlook"
section, are forward-looking statements that involve a number of
risks and uncertainties that could cause actual results to differ
materially. These statements are made under the "Safe Harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. In some cases, you can identify forward-looking statements by
such terms as "believes," "expects," "anticipates," "intends,"
"estimates," the negative of these terms, or other comparable
terminology. Factors that could cause actual results to differ
include the risks regarding the previously disclosed SEC
investigation as well as general business and economic conditions
and the state of the solar industry; governmental support for the
deployment of solar power; future available supplies of high-purity
silicon; demand for end-use products by consumers and inventory
levels of such products in the supply chain; changes in demand from
significant customers; changes in demand from major markets such as
Germany, Japan, the U.S. and China; changes in customer order patterns;
changes in product mix; capacity utilization; level of competition;
pricing pressure and declines in average selling prices; delays in
new product introduction; delays in utility-scale project approval
process; delays in utility-scale project construction; continued
success in technological innovations and delivery of products with
the features customers demand; shortage in supply of materials or
capacity requirements; availability of financing; exchange rate
fluctuations; litigation and other risks as described in the
Company's SEC filings, including its annual report on Form 20-F
filed on April 23, 2015. Although the
Company believes that the expectations reflected in the forward
looking statements are reasonable, it cannot guarantee future
results, level of activity, performance, or achievements. Investors
should not place undue reliance on these forward-looking
statements. All information provided in this press release is as of
today's date, unless otherwise stated, and Canadian Solar
undertakes no duty to update such information, except as required
under applicable law.
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
construction and subsequent operation of the Roserock Solar
Facility, including the expected commercial operation date,
expected 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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SOURCE Southern Company