Tops 350 MW of solar ownership in the state
ATLANTA, Aug. 31, 2015 -- Expanding on one of America's largest renewable portfolios, Southern Company subsidiary Southern Power today announced the acquisition of a controlling interest in the 200-megawatt (MW) Tranquillity Solar Facility in California from Recurrent Energy, a subsidiary of Canadian Solar Inc. One of North America's largest solar developers, Recurrent Energy is constructing the facility and will retain the remaining interest in the project.
"Southern Company's strategic solar expansion is helping diversify our energy mix while strengthening our industry leadership in solar," said Southern Company Chairman, President and CEO Thomas A. Fanning. "We will continue to develop the right projects and develop innovative solutions as we shape America's energy future."
The project, which represents Southern Power and Recurrent Energy's first partnership, is expected to generate enough clean solar energy to power approximately 55,000 homes when completed, helping California meet its ambitious carbon emission reduction goals.
"Southern Power's investment in the Tranquillity project is another example of solar power's move into the utility's diverse generation mix and further shows the Recurrent Energy team's ability to partner with energy industry leaders," said Canadian Solar Inc. Chairman and CEO Dr. Shawn Qu. "Through the development of utility-scale solar assets, Recurrent Energy and Canadian Solar are together ushering the way into a new era of clean, competitive, mainstream generation."
With one of America's most robust renewable generation portfolios, Southern Power has announced, acquired or is constructing more than 1,300 MW of renewable ownership with 19 solar, wind and biomass projects, including six solar projects in California. This facility adds further diversity and reliability to the Southern Company system's generation mix of nuclear, 21st century coal, natural gas, renewables and energy efficiency.
The project is being constructed on 1,900 acres of land in Fresno County, California. Expected to create approximately 500 construction jobs, the facility will consist of more than 800,000 polycrystalline photovoltaic solar modules, mounted on tracking tables.
Construction began in July, with Signal Energy Constructors managing the engineering, procurement and construction of the facility. The project is expected to enter commercial operation in the fourth quarter of 2016.
The electricity and associated renewable energy credits generated by the facility will be sold under a 15-year power purchase agreement with Southern California Edison.
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.
About Southern Power
Southern Power, a subsidiary of Southern Company, is a leading U.S. wholesale energy provider, meeting the electricity needs of municipalities, electric cooperatives and investor-owned utilities. Southern Power and its subsidiaries own or have rights to 28 facilities in nine states, with more than 9,900 MW of generating capacity operating or under development in Alabama, California, Florida, Georgia, Nevada, New Mexico, North Carolina, Oklahoma and Texas.
About Recurrent Energy
Recurrent Energy, a subsidiary of Canadian Solar Inc., is redefining what it means to be a mainstream clean energy company, with utility-scale solar plants that provide competitive clean electricity. The company has more than 4 GW of solar projects in development in North America. Additional details are available at: www.recurrentenergy.com
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 10 GW of premium quality modules in over 70 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the world, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
About Southern Company
With more than 4.5 million customers and approximately 46,000 megawatts of generating capacity, Atlanta-based Southern Company (NYSE: SO) is the premier energy company serving the Southeast through its subsidiaries. A leading U.S. producer of clean, safe, reliable and affordable electricity, Southern Company owns electric utilities in four states and a growing competitive generation company, as well as fiber optics and wireless communications. Southern Company brands are known for excellent customer service, high reliability and affordable prices that are below the national average. Through an industry-leading commitment to innovation, Southern Company and its subsidiaries are inventing America's energy future by developing the full portfolio of energy resources, including nuclear, 21st century coal, natural gas, renewables and energy efficiency, and creating new products and services for the benefit of customers. Southern Company has been named by the U.S. Department of Defense and G.I. Jobs magazine as a top military employer, listed by Black Enterprise magazine as one of the 40 Best Companies for Diversity and designated a 2014 Top Employer for Hispanics by Hispanic Network. The company earned the 2014 National Award of Nuclear Science and History from the National Atomic Museum Foundation for its leadership and commitment to nuclear development, and is continually ranked among the top utilities in Fortune's annual World's Most Admired Electric and Gas Utility rankings. Visit our website at www.southerncompany.com.