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