Southern Co, Turner to Jointly Purchase Solar Energy Facility
Southern Power, a unit of electric utility firm Southern Co. SO, announced that it has entered into a partnership agreement with Turner Renewable Energy to acquire a 20-MW solar energy facility under development in California.
The buyout of the Calipatria Solar Facility from Solar Frontier Americas marks the ninth solar facility acquisition by the duo since their alliance in the beginning of 2010. Also, this project will be Southern Power’s 10th solar facility in California and its 25th renewable energy facility overall.
Calipatria is located in Imperial County, CA and is designed to incorporate about 130,000 CIS thin-film solar modules. Construction work on the plant, which began in the third quarter of 2015 under DEPCOM Power, is expected to get over by Mar 2016. Also, the facility entered into a 20-year power purchase agreement (PPA) with San Diego Gas & Electric Co. to sell its output to the latter.
Atlanta-based Southern Co. has been focusing on increasing renewable energy production in the U.S. The company has undertaken more than 3,800 MW of renewable energy projects since 2012. Southern Co.’s partnership with Turner is another step in this direction with their nine jointly owned facilities having a combined solar energy generating capacity of more than 340 MW.
Southern Co. is the premier energy company serving the Southeast through its subsidiaries. It is one of the largest generators of electricity in the nation that serves both regulated and competitive markets across the U.S. It is a holding company for four regulated Southern electric utilities that serve about 4.4 million customers. Southern Power is also a leading U.S. wholesale energy provider and serves the electricity needs of investor-owned utilities, municipalities and electric cooperatives.
Southern currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the energy sector are Korea Electric Power Corp. KEP, Spark Energy, Inc. SPKE and Avista Corp. AVA. While Korea Electric Power and Spark Energy sport a Zacks Rank #1 (Strong Buy), Avista holds a Zacks Rank#2 (Buy).
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