Southern Power has entered into a partnership with three of the largest U.S. tax equity providers (Bank of America, JP Morgan and Wells Fargo) for an interest in our operating wind portfolio. All of Southern Power’s operating wind assets with the exception of Cactus Flats are a part of the transaction. In exchange for $1.2B of upfront proceeds, the partners will receive the production tax credits generated at the facilities as well as a share of the operating cash flows. Southern Power will maintain operational control over all of the facilities.
“I’d like to commend the teams that worked diligently on this deal,” said Southern Power President and CEO, Mark Lantrip. “This is an important transaction for Southern Power and helps support the financial objectives of Southern Company. We are pleased to have Bank of America, JP Morgan and Wells Fargo as partners.”