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Southern Company Is on Solar Asset Buying Spree

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Southern Company going cleaner

Southern Power, a subsidiary of Southern Company (SO), has a generation capacity of 9,780 megawatts in the natural gas and renewable space. Southern Company is presently developing more than 1,450 megawatts of renewable assets.

Over the past year, Southern Company has been on a major spree of acquiring assets in the solar space (TAN). The company has made these acquisitions through its subsidiary Southern Power. To date, it has acquired more than 1,000 MW of solar assets. In this part of the series, we’ll look at some of the Southern Company’s key acquisitions in 3Q15.

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Tranquillity Solar Facility – 200 MW

In August 2015, Southern Company acquired controlling interest in 200-MW solar plant Tranquillity Solar Facility in California. SO purchased it from Recurrent Energy, a subsidiary of Canadian Solar (CSIQ). The electricity generated from this project and the associated renewable energy credits will be sold to Southern California Edison under a 15-year power purchase agreement. The project is constructed on 1,900 acres of land and will generate electricity sufficient to power (XLU) 55,000 homes.

Desert Stateline – 300 MW

In September 2015, Southern Company acquired controlling interest in 300-MW solar facility Desert Stateline in California. SO purchased this facility from First Solar (FSLR). The electricity generated from this project and the associated renewable energy credits will be sold to Southern California Edison under a 20-year power purchase agreement. The project is constructed on 1,685 acres of land located in San Bernardino County, California.

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