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Southern Company subsidiary acquires first solar project in Texas
Southern Company subsidiary Southern Power today announced the acquisition of a controlling interest in the 157-megawatt (MW) Roserock solar facility - the company's first solar project in Texas - from Recurrent Energy, one of North America's largest solar developers. The latest addition to one of America's largest renewable portfolios, the facility is being developed by Recurrent Energy, a subsidiary of Canadian Solar Inc., which will retain the remaining interest in the project.
"Southern Power's first solar project in Texas helps further the company's robust wholesale business and further expands our solar footprint," said Southern Power President and CEO Oscar C. Harper. "With strategic acquisitions nationally, the continued development of industry-leading assets aligns with our company's low-risk strategy and enhances one of America's largest renewable portfolios."
Representing Southern Power and Recurrent Energy's second partnership arrangement, the project, currently under construction, is expected to enter commercial operation in the fourth quarter of 2016.
"Cost-competitive, large-scale solar power has enormous potential in Texas," said Canadian Solar Inc. Chairman and CEO Shawn Qu. "The Roserock project and Recurrent Energy's solar project pipeline in the state are each important steps forward as Texas approaches the more than 13 gigawatts (GW) of solar that has been forecasted across the state."
The electricity and associated renewable energy credits generated by the facility will be sold under a 20-year power purchase agreement with Austin Energy.
McCarthy Building Companies is providing the engineering, procurement and construction of the Roserock solar facility, which is expected to create approximately 500 local construction jobs. Once completed, the project is expected to generate enough solar energy to power the average energy needs of approximately 30,000 Texas homes.
Located on 1,300 acres of land in Pecos County, Texas, the facility will consist of approximately 700,000 Canadian Solar CS6X-P photovoltaic solar modules, mounted on single axis trackers. The facility layout was developed in cooperation with mineral operator Apache Corporation.
With one of America's most robust renewable generation portfolios, Southern Power has announced, acquired or is constructing more than 1,700 MW of renewable asset ownership with 23 solar, wind and biomass projects. This facility will add further diversity and reliability to the Southern Company system's generation mix of nuclear, 21st century coal, natural gas, renewables and energy efficiency.
Southern Power's 20th solar acquisition, the Roserock 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.