Southern Company Buys New Mexico’s Biggest Solar Farm From First Solar

24/7 Wall St.

Southern Company (SO) announced Friday that it is partnering with Turner Renewable Energy to buy New Mexico's largest solar facility from First Solar (FSLR). Terms of the deal were not disclosed.

Clocking in at 50 MW, the Macho Springs Solar Facility near Deming marks the seventh such joint acquisition for Southern Company and media mogul Ted Turner's Turner Renewable Energy company. "In partnership with Turner Renewable Energy, Southern Company has created one of the nation's largest solar portfolios," said Southern Company Chairman, President and CEO Thomas Fanning in today's press release. "Our strategic solar expansion demonstrates our commitment to the full portfolio of energy resources."

First Solar began construction of the Macho Springs facility in July 2013 operation is targeted for this week. It is slated to produce enough electricity to power 18,000 homes. First Solar was quoted in the press release as saying it was "pleased to provide another best-in-class PV [photovoltaic] power plant to the partnership's growing renewable energy portfolio."

Southern Company and Turner Renewable Energy previously bought two other solar facilities from First Solar -- a 139 MW California farm and a 30 MW farm in New Mexico.

As with most solar projects, the electricity produced from this facility has already been sold to utility El Paso Electric via a 20-year power purchase agreement.

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