Southern Co. (SO) Announces Acquisition of Wake Wind Energy Center
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Southern Company subsidiary Southern Power (NYSE: SO) announced the acquisition of a controlling interest in the 257-megawatt (MW) Wake Wind Energy Center, the company's first wind acquisition in Texas. Invenergy Wind LLC developed and constructed Wake Wind and owns the remaining interest in the project.
"Southern Power remains committed to strategically developing our renewable energy portfolio," said Southern Power President and CEO Buzz Miller. "The Wake Wind Energy Center continues our growth in wind generation and will provide renewable wholesale energy to our customers."
The Wake Wind facility is located in the northwest Texas counties of Crosby and Floyd. The project fits Southern Power's business strategy of growing its wholesale business through the acquisition and construction of generating assets substantially covered by long-term contracts.
"Wake Wind was developed to meet the needs of our customers for long-term renewable energy supply," said Jim Murphy, Chief Financial Officer and Operating Business Group President at Invenergy. "We're pleased Southern Power, a company with the same dedication to providing clean, affordable, wholesale generation to customers, wants to take ownership in this great project and we look forward to exploring additional opportunities to work with them in the future."
With the addition of the Wake Wind Energy Center, Southern Power owns more than 2,600 MW of renewable generation across 32 solar, wind and biomass facilities either announced, acquired or under construction. Across its system, Southern Company has added or announced more than 4,000 MW of renewable generation since 2012.
Blattner Energy Inc. was the lead construction contractor for Wake Wind Energy Center, and Invenergy Services LLC will operate and maintain the facility. The Wake Wind Energy Center uses 150 wind turbines manufactured by General Electric Renewable Energy.
The electricity and majority of the associated renewable energy credits (RECs) generated by the facility will be sold under two separate, long-term power sale agreements. Southern Power, through its subsidiaries, will retain a small percentage of electricity and RECs generated, which it may keep or sell.
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