ATLANTA, Nov. 17, 2016 /PRNewswire/ -- Southern Company
subsidiary Southern Power and SunPower Corp. today announced that
Southern Power has acquired a controlling interest in the
100-megawatt (MW) Boulder Solar I Facility in Nevada from SunPower, which will own the
remaining interest in the project.
"Our recent acquisition of the Boulder Solar I Facility
underscores Southern Power's growing success in acquiring and
developing utility-scale solar across the
United States," said Southern Power President and CEO Buzz
Miller. "This project aligns with our business model as we
strategically develop our renewable portfolio."
The Boulder Solar I Facility is located in Clark County, approximately 20 miles southeast
of Las Vegas. Southern Power
co-owns two additional solar facilities in Nevada, the 20-MW Apex Solar Facility and the
30-MW Spectrum Solar Facility.
"With over 30 years' experience and more than 2.6 gigawatts of
innovative solar power plants operating around the world, SunPower
is a global leader driving the adoption of reliable, cost-effective
solar power at utility scale," said Ty
Daul, SunPower Senior Vice President, Americas Power Plants.
"We are proud to partner with Southern Power to deliver long-term
value to Nevada customers through
the Boulder Solar I Facility."
Construction of Boulder Solar I began in January 2016 and the facility is expected to
begin commercial operation in December
2016. SunPower developed, designed and constructed the
plant, and will operate and maintain it upon completion. NV Energy
will purchase the electricity and associated portfolio energy
credits generated by the facility under a 20-year power purchase
agreement. Boulder Solar I operates using SunPower®
Oasis® Power Plant technology, a fully integrated,
modular solar power block that is engineered to rapidly and
cost-effectively deploy large solar projects that maximize power
generation while optimizing land use.
With the addition of the Boulder Solar I Facility, Southern
Power owns more than 2,700 MW of renewable generation from 33
solar, wind and biomass facilities either announced, acquired or
under construction. In total, the Southern Company system has added
or announced more than 4,000 MW of renewable generation since
2012.
The Boulder Solar I 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.
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, investor-owned utilities and
other energy customers. Southern Power and its subsidiaries own or
have the rights to 43 facilities operating or under construction in
11 states with more than 12,000 MW of generating capacity in
Alabama, California, Florida, Georgia, Maine, Minnesota, Nevada, New
Mexico, North Carolina,
Oklahoma and Texas.
About SunPower
As one of the world's most innovative and sustainable energy
companies, SunPower (NASDAQ:SPWR) provides a diverse group of
customers with complete solar solutions and services. Residential
customers, businesses, governments, schools and utilities around
the globe rely on SunPower's more than 30 years of proven
experience. From the first flip of the switch, SunPower delivers
maximum value and superb performance throughout the long life of
every solar system. Headquartered in Silicon Valley, SunPower has
dedicated, customer-focused employees in Africa, Asia,
Australia, Europe, North and South America. For more information about how
SunPower is changing the way our world is powered,
visit www.sunpower.com.
About Southern Company
Southern Company (NYSE: SO) is America's premier energy company,
with 44,000 MW 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 Boulder Solar I
Facility. 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.
SunPower's Forward-Looking Statements
This press release contains "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995, including, but not limited to, statements regarding
expected project timelines. These forward-looking statements are
based on our current assumptions, expectations and beliefs and
involve substantial risks and uncertainties that may cause results,
performance or achievement to materially differ from those
expressed or implied by these forward-looking statements. Factors
that could cause or contribute to such differences include, but are
not limited to challenges inherent in constructing and maintaining
certain of our large projects. A detailed discussion of these
factors and other risks that affect our business is included in
filings we make with the Securities and Exchange Commission (SEC)
from time to time, including our most recent report on Form 10-K,
particularly under the heading "Risk Factors." Copies of these
filings are available online from the SEC or on the SEC Filings
section of our Investor Relations website at
investors.sunpowercorp.com. All forward-looking statements in this
press release are based on information currently available to us,
and we assume no obligation to update these forward-looking
statements in light of new information or future events.
© 2016 Southern Company and SunPower Corporation. SUNPOWER, the
SUNPOWER logo and OASIS are registered trademarks of SunPower
Corporation in the U.S. and other countries as well.
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