ATLANTA, July 8, 2016 /PRNewswire/ -- Southern
Company subsidiary Southern Power and Turner Renewable Energy today
announced the acquisition of the companies' second solar project in
North Carolina – the approximately
74-megawatt (MW) Rutherford Farm facility – from Cypress Creek
Renewables.
"The strategic acquisition of the Rutherford Farm is another
step in the development of our solar portfolio," said Southern
Power President and CEO Buzz Miller. "This project aligns with our
business model as we continue our growth as a renewable energy
leader."
With more than 2,200 MW of renewable generating capacity
ownership, Southern Power assembled its nationally recognized
renewable portfolio through the strategic acquisition or
development of 30 solar, wind and biomass projects that are either
in operation or under construction across the United States.
Ted Turner, owner of Turner
Renewable Energy, first 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.
This is Southern Power's 10th solar project with Turner Renewable
Energy and brings the partnership's overall solar capacity to more
than 415 MW.
"Turner Renewable Energy's trusted partnership with Southern
Power continues to advance the development of renewable
technologies across the country," said Turner. "We are pleased with
our growing relationship and today's acquisition in North Carolina, which further expands the
growth of solar energy."
Cypress Creek Renewables is developing and constructing the
Rutherford Farm and will serve as the operations and maintenance
contractor. Construction activities began in February, and the
facility is expected to be commercially operational in
December. The project will be covered by a long-term power
purchase agreement.
Located on 489 acres in Rutherford
County, Rutherford Farm is expected to consist of 289,104
fixed-tilt, monocrystalline solar panels manufactured by
Trina Solar. Once operational, the
facility is expected to be capable of generating enough electricity
to help meet the energy needs of approximately 11,500 average
North Carolina homes.
The Rutherford project 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. Southern Power
supplies wholesale generation to more than 40 energy customers that
serve more than 40 million end users across the country.
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 39 facilities operating or
under construction in 10 states with more than 10,800 MW of
generating capacity in Alabama,
California, Florida, Georgia, Maine, Nevada, New
Mexico, North Carolina,
Oklahoma and Texas.
About Turner Renewable Energy
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 51,000 bison.
About Southern Company
Southern Company (NYSE: SO) is
America's premier energy company, with 44,000 megawatts of
generating capacity and 1,500 billion cubic feet of combined
natural gas consumption and throughput volume serving 9 million
electric and gas utility customers through its subsidiaries. The
company provides clean, safe, reliable and affordable energy
through electric utilities in four states, natural gas distribution
utilities in seven 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
construction and subsequent operation of the Rutherford Farm.
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, 2015, 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