Southern Company subsidiary to expand solar development in Georgia

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Dec 17, 2014, 09:30 ET

ATLANTA, Dec. 17, 2014 /PRNewswire/ -- Southern Company subsidiary Southern Power today announced plans to develop a 131-megawatt (MW) photovoltaic (PV) solar project in Georgia, which will be capable of generating enough electricity to help meet the energy needs of more than 21,000 homes. The electricity and associated renewable energy credits (RECs) will be sold to three Georgia electric membership corporations.

"Southern Company is committed to developing renewables as a component of the full portfolio of energy resources," said Southern Company Chairman, President and CEO Thomas A. Fanning. "Our strategic solar expansion helps build our system's diverse fuel mix and solar generation capacity to prepare for America's energy future."

Southern Power has selected First Solar to be the engineering, procurement and construction contractor for the facility. Construction of the plant is scheduled to begin in September 2015, and the project is expected to achieve commercial operation in the fourth quarter of 2016.

The solar facility, which will be constructed on a 911-acre site in Taylor County, is expected to consist of approximately 1.6 million thin-film PV solar modules mounted on single-axis tracking tables manufactured by First Solar.

The electricity and associated RECs generated by the facility will be sold under 25-year purchase power agreements with Cobb Electric Membership Corporation (Cobb EMC), Flint Electric Membership Corporation (doing business as Flint Energies) and Sawnee Electric Membership Corporation (Sawnee EMC). Cobb EMC has contracted for approximately 101 MW, and Flint Energies and Sawnee EMC have each contracted for approximately 15 MW.

Cobb EMC, a not-for-profit electric cooperative, is one of the largest of Georgia's 41 EMCs and delivers electricity to more than 175,000 residential and commercial members. Serving more than 86,400 electric meters, Flint Energies is a not-for-profit cooperative owned by its members in parts of 17 central Georgia counties. Sawnee EMC serves more than 162,000 accounts in seven counties in greater north Georgia.

Southern Power has previously acquired seven solar facilities with Turner Renewable Energy, as well as one facility with First Solar.

The facility fits Southern Power's business strategy of growing its wholesale business in targeted markets through acquiring generating assets and building new units, the output of which is significantly covered by long-term contracts.

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. With this project, Southern Power and its subsidiaries will own and operate 19 facilities in eight states, with more than 9,000 MW of generating capacity operating in Alabama, California, Florida, Georgia, Nevada, New Mexico, North Carolina and Texas.

With more than 4.4 million customers and nearly 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 energy innovation, excellent customer service, high reliability and retail electric prices that are below the national average. Southern Company and its subsidiaries are leading the nation's nuclear renaissance through the construction of the first new nuclear units to be built in a generation of Americans and are demonstrating their commitment to energy innovation through the development of a state-of-the-art coal gasification plant. Southern Company has been recognized by the U.S. Department of Defense and G.I. Jobs magazine as a top military employer, listed by DiversityInc as a top company for Blacks and designated a 2013 Top Employer for Hispanics by Hispanic Network. The company received the Edison Award from the Edison Electric Institute for its leadership in new nuclear development, was named Electric Light & Power magazine's Utility of the Year for 2012 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.

Cautionary Note Regarding Forward-Looking Statements:

Certain information contained in this release is forward-looking information based on current expectations and plans that involve risks and uncertainties. Forward-looking information includes, among other things, statements concerning the construction and subsequent operation of the solar facility in Taylor County, Georgia. Southern Company and Southern Power caution that there are certain factors that can cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of Southern Company and Southern Power; accordingly, there can be no assurance that such suggested results will be realized. The following factors, in addition to those discussed in each of Southern Company's and Southern Power's Annual Report on Form 10-K for the year ended December 31, 2013, and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: ability to control costs and avoid cost overruns during the development and construction of facilities, including changes in labor costs and productivity factors, adverse weather conditions, shortages and inconsistent quality of equipment, materials and labor, contractor or supplier delay, non-performance under construction or other agreements, and/or operations; ability to construct facilities in accordance with the requirements of permits and licenses, to satisfy any operational and environmental performance standards, including the requirements of tax credits and other incentives, and to integrate facilities or operations; and potential business strategies, including acquisitions or dispositions of assets or businesses, which cannot be assured to be completed or beneficial to Southern Company or Southern Power. Southern Company and Southern Power expressly disclaim any obligation to update any forward-looking information.

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