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Southern Power has 'monumental' week in July
Southern Power had a landmark 4th of July week this year. They announced four acquisitions in four days, including three solar and one wind. Southern Power now owns or has a controlling interest in 39 facilities in 10 states - from California to Maine - with a generating capacity of 10,800 megawatts (MW).
Southern Power CEO Buzz Miller called it a "monumental" week. He added about the four acquisitions, "Passadumkeag Windpark, Lamesa Solar Facility, Rutherford Farm and Henrietta Solar Project demonstrate our strategic and disciplined approach to investments from coast-to-coast. Our business strategy helps support Southern Company's commitment to deliver regular, predictable and sustainable earnings to our investors."
The output of these facilities is, on average, contracted for 16 years, further reflecting Southern Power's commitment to grow the business through assets covered by long-term, bilateral contracts with creditworthy counterparties.
Passadumkeag Windpark is Southern Power's third wind facility, and first project in Maine. The approximately 43-MW facility, now operational, consists of 13 wind turbines and generates enough electricity to power approximately 14,000 average U.S. homes. Most of the electricity produced at Passadumkeag will be sold to Eversource Energy - an electric cooperative in Maine.
Henrietta Solar Project is Southern Power's first joint venture with SunPower and its 11th solar facility in California. Southern Power will own 51 percent of the 102-MW facility, and SunPower will operate and maintain it upon completion. Pacific Gas and Electric Company will purchase the electricity and renewable energy credits (RECs) generated by Henrietta under a 20-year power purchase agreement.
Rutherford Farm is Southern Power's 10th partnership with Turner Renewable Energy and its second solar facility in North Carolina. Cyprus Creek Renewables is developing the facility and will operate and maintain it once construction is complete in December.
With the Lamesa Solar Facility, Southern Power has acquired three solar projects in Texas in less than a year. The 102-MW Lamesa facility will help meet the energy needs of approximately 26,000 homes in and around the city of Garland, Texas.
Since 2009, Southern Power has added more than 2,200 MW across 30 solar, wind and biomass facilities currently in operation or under development.