ATLANTA, April 16, 2015 /PRNewswire/ -- Reflecting
its long-standing commitment to develop the full portfolio of
energy resources, Southern Company subsidiary Southern Power today
announced the acquisition of a controlling interest in the
32-megawatt (MW) Lost Hills-Blackwell Solar Facility in
California from First Solar, Inc.
Remaining interest in the project will be owned by an affiliate of
First Solar.
"Southern Company continues to strategically develop solar
renewable projects across the country," said Southern Company
Chairman, President and CEO Thomas A.
Fanning. "By further diversifying our energy mix – and
expanding our partnership with First Solar – we are demonstrating
our commitment to provide clean, safe, reliable and affordable
power for America's future."
The Lost Hills-Blackwell Solar Facility spans two sites – the
20-MW Lost Hills Solar Facility and the 12-MW Blackwell Solar
Facility – comprising a combined 308 acres of adjoining land in
Kern County, California. The
project consists of more than 454,000 of First Solar's advanced
technology PV solar modules mounted on single-axis tracking tables.
In its first year, Lost
Hills-Blackwell will be capable of producing enough clean,
renewable energy to power more than 11,000 homes.
"This deal builds on our continued strong relationship with
Southern Company, and we're proud to further enhance the
partnership," said First Solar's Vice President of Project
Development for the Western United States Brian Kunz. "In addition
to assets Southern Power has acquired from First Solar, we have
worked together directly on construction and supply of technology
for projects across the United
States."
Construction of the project began in April 2014, and is expected to be completed
shortly after this acquisition. The facility will be operated and
maintained by First Solar.
The electricity and associated renewable energy credits
generated by the facility will be sold under long-term power
purchase agreements with Pacific Gas and Electric Company
(PG&E) and Roseville Electric.
Headquartered in San Francisco,
PG&E provides energy to approximately 16 million people in
Northern and Central California.
Roseville Electric serves as the community-owned electric utility
provider for the city of Roseville,
California.
With the addition of this and other announced projects, Southern
Power will own approximately 990 MW of renewable energy generating
capacity that is either already in operation or under development.
Southern Power recently announced an agreement to acquire the
company's largest renewable electric generating plant and first
wind project – the 299-MW Kay Wind facility. In addition, the
company has previously announced the acquisition of seven solar
projects in partnership with Turner Renewable Energy and one solar
project in partnership with First Solar. The company is also
developing a 131-MW solar facility in Taylor County, Georgia, and two solar projects
totaling 99 MW in Decatur County,
Georgia. Southern Power also owns one of the nation's
largest biomass power plants in Nacogdoches, Texas.
The Lost Hills-Blackwell 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 23
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
construction and subsequent operation of the Lost Hills Blackwell
Solar Project, the future generating capacity of Southern Power and
its subsidiaries' facilities, the development of solar projects in
Taylor County and Decatur County, Georgia and the acquisition of
a wind facility in Oklahoma.
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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