Southern Co. Powerfully Establishes Itself in its New Texas Home
Southern Co. subsidiary makes first wind acquisition in Texashttp://bit.ly/2eXjouq Tim Steere 10/31/2016
Southern Co,’s clean energy wholesale subsidiary recently made a key acquisition in Texas.
Southern Power on Monday announced the acquisition of a controlling interest in the 257-megawatt, 150-turbine Wake Wind Energy Center, the company’s first wind acquisition in Texas. Invenergy Wind LLC, the company that developed and constructed Wake Wind, owns the remaining interest in the project.
The deal is a key add for Southern Power, a company already in control of more than 870 megawatts of wind generating capacity across Oklahoma, Texas and Maine. The facility is now Southern Power’s second largest wind generating station.
“Southern Power remains committed to strategically developing our renewable energy portfolio,” said Buzz Miller, Southern Power president and CEO, in a statement. “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 region, across Crosby and Floyd counties. The electricity and majority of the associated renewable energy credits, or (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.
“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.”