ATLANTA, Sept. 2, 2015 /PRNewswire/ -- Marking a major
milestone in the strategic expansion of one of the nation's leading
renewable generation portfolios, Southern Company subsidiary
Southern Power today announced the acquisition of a controlling
interest in the company's largest solar asset – the 300-megawatt
(MW) Desert Stateline Facility in California – from First Solar Inc., which will
retain the remaining interest in the project. This project
represents Southern Power's and First Solar's fourth shared
acquisition.
"The acquisition of our system's largest solar facility builds
on our proven reputation as a national renewable energy leader,"
said Southern Company Chairman, President and CEO Thomas A. Fanning. "By continuing to leverage
Southern Company's and First Solar's complementary strengths, we
are accelerating the development of solar as an important component
of a diverse fuel mix now and in the future."
Southern Power's seventh solar acquisition in California, the Desert Stateline Facility,
will be located on 1,685 acres of federally managed public land in
San Bernardino County and is
expected to consist of approximately 3.2 million of First Solar's
thin-film photovoltaic (PV) solar modules mounted on fixed-tilt
tables. Once operational, the Desert Stateline Facility is expected
to be capable of generating enough electricity to help meet the
energy needs of nearly 100,000 average homes.
"Desert Stateline is an exciting addition to the series of
projects on which we've partnered with Southern Power. Our
strategic relationship capitalizes on each company's core
competencies, as well as the synergies obtainable though informed,
enlightened collaboration," said First Solar CEO Jim Hughes. "We are actively discussing ways to
continue and broaden this relationship. This facility and other
similar facilities allow leading energy companies to place First
Solar's advanced thin film PV technology at the heart of utility
scale generation facilities, enabling power providers to include
competitive, reliable renewable energy in their portfolios."
First Solar is building and will operate and maintain the Desert
Stateline Facility. Construction of the plant began in October 2014 and is expected to be completed in
phases. The plant is slated to be fully operational in the third
quarter of 2016.
The electricity and associated renewable energy credits (RECs)
generated by the facility will be sold under a 20-year power
purchase agreement with Southern California Edison Company.
Southern Power assembled its renewable portfolio – now totaling
more than 1,450 MW of generating capacity ownership either already
in operation or under development – through the strategic
development of 20 solar, wind and biomass projects across
the United States. The Southern
Company system has added or announced more than 3,300 MW of
renewable projects since 2012.
The Desert Stateline 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 rights to 29
facilities operating or under construction in nine states with more
than 10,000 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 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:
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,
investments in unconsolidated affiliates, 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 completion
of construction and subsequent operation of the Desert Stateline
Solar Facility 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