"The sale of the biomass facility provides benefits to Southern Power and offers Austin Energy the opportunity to own a significant regional energy resource," said Southern Power President, Bill Grantham. "Proceeds from this transaction will be used to strengthen the balance sheet of Southern Company, help meet projected equity needs and further de-risk financing plans."
Barclays served as the financial advisor and Baker Botts served as primary legal counsel to Southern Power.
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 commercial and industrial customers. Southern Power and its subsidiaries own 48 facilities operating or under construction in 11 states with more than 11,200 MW of generating capacity in Alabama, California, Georgia, Kansas, Maine, Minnesota, Nevada, New Mexico, North Carolina, Oklahoma and Texas.