Southern Co. (SO) Unit to Acquire Boulder Solar I Facility from SunPower (SPWR)
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Southern Company subsidiary Southern Power and SunPower Corp. announced that Southern Power has acquired a controlling interest in the 100-megawatt (MW) Boulder Solar I Facility in Nevada from SunPower, which will own the remaining interest in the project.
"Our recent acquisition of the Boulder Solar I Facility underscores Southern Power's growing success in acquiring and developing utility-scale solar across the United States," said Southern Power President and CEO Buzz Miller. "This project aligns with our business model as we strategically develop our renewable portfolio."
The Boulder Solar I Facility is located in Clark County, approximately 20 miles southeast of Las Vegas. Southern Power co-owns two additional solar facilities in Nevada, the 20-MW Apex Solar Facility and the 30-MW Spectrum Solar Facility.
"With over 30 years' experience and more than 2.6 gigawatts of innovative solar power plants operating around the world, SunPower is a global leader driving the adoption of reliable, cost-effective solar power at utility scale," said Ty Daul, SunPower Senior Vice President, Americas Power Plants. "We are proud to partner with Southern Power to deliver long-term value to Nevada customers through the Boulder Solar I Facility."
Construction of Boulder Solar I began in January 2016 and the facility is expected to begin commercial operation in December 2016. SunPower developed, designed and constructed the plant, and will operate and maintain it upon completion. NV Energy will purchase the electricity and associated portfolio energy credits generated by the facility under a 20-year power purchase agreement. Boulder Solar I operates using SunPower® Oasis® Power Plant technology, a fully integrated, modular solar power block that is engineered to rapidly and cost-effectively deploy large solar projects that maximize power generation while optimizing land use.
With the addition of the Boulder Solar I Facility, Southern Power owns more than 2,700 MW of renewable generation from 33 solar, wind and biomass facilities either announced, acquired or under construction. In total, the Southern Company system has added or announced more than 4,000 MW of renewable generation since 2012.
The Boulder Solar I 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.
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