Southern Power announces partnership with esVolta for energy storage projects

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Jul 26, 2019, 09:01 ET

ATLANTA, July 26, 2019 /PRNewswire/ -- Southern Power, a leading U.S. wholesale energy provider and subsidiary of Southern Company, today announced its partnership with esVolta, a prominent developer and owner of lithium-ion battery storage projects. The partnership includes up to four utility-scale energy storage projects located in California totaling more than 86 megawatts (MW) and 345-megawatt hours (MWh). The company's investment in one project has closed, and three others are subject to completion.

"Battery storage is an emerging technology with the potential to revolutionize how energy is supplied," said Southern Power President Bill Grantham. "These projects and our partnership with esVolta are a great strategic fit for our business, and these transactions will further position Southern Power to meet our customers' needs as the energy industry continues to evolve."

With increasing demand for energy storage solutions, the partnership with esVolta supports Southern Power's growth and low-risk business strategy of developing or acquiring interests in projects covered by long-term contracts.

"The consummation of our new partnership with Southern Power represents a tremendous milestone for esVolta," said esVolta Founder and President, Randolph Mann. "Southern Power is an outstanding company and a leader in the U.S. electricity sector. Our collaboration will enhance esVolta's ability to capitalize on the strong growth of the energy storage business, and we are excited to work alongside the outstanding team at Southern Power to bring additional high-quality utility-scale storage projects to fruition for our utility customers."

Southern Company is committed to providing clean, safe, reliable and affordable energy, with a goal of transitioning to low- to no-carbon operations by 2050. A low-carbon future will require the integration of cost-effective energy storage with intermittent renewable generation.

esVolta was advised on the transaction by Javelin Capital.

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, investor-owned utilities and other energy customers. Southern Power and its subsidiaries own 49 facilities operating or under development in 12 states with more than 11,200 MW of generating capacity in Alabama, California, Delaware, Georgia, Kansas, Maine, Minnesota, Nevada, New Mexico, North Carolina, Oklahoma and Texas.

About Southern Company
Southern Company (NYSE: SO) is a leading energy company serving 9 million customers through its subsidiaries. The company provides clean, safe, reliable and affordable energy through electric operating companies in three states, natural gas distribution companies in four states, a competitive generation company serving wholesale customers across America, a leading distributed energy infrastructure company, a fiber optics network and telecommunications services. Southern Company brands are known for excellent customer service, high reliability and affordable prices below the national average. For more than a century, we have been building the future of energy and developing the full portfolio of energy resources, including carbon-free nuclear, advanced carbon capture technologies, natural gas, renewables, energy efficiency and storage technology. Through an industry-leading commitment to innovation and a low-carbon future, Southern Company and its subsidiaries develop the customized energy solutions our customers and communities require to drive growth and prosperity. Our uncompromising values ensure we put the needs of those we serve at the center of everything we do and govern our business to the benefit of our world. Our corporate culture and hiring practices have been recognized nationally by the U.S. Department of Defense, G.I. Jobs magazine, DiversityInc, Black Enterprise, Forbes and the Women's Choice Award. To learn more, visit www.southerncompany.com.

About esVolta, LP
esVolta is a developer, owner and operator of utility-scale energy storage projects across North America. The company's portfolio of operational plus contracted projects exceeds 500 MWh of capacity, and the firm is developing a large pipeline of future storage projects. esVolta is supported by a long-term strategic procurement arrangement with Powin Energy Corporation. More information about esVolta is available at www.esVolta.com.

Cautionary Notes 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 completion of the transactions described herein and Southern Company's long-term goal of low- to no-carbon operations. 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 Reports on Form 10-K for the year ended December 31, 2018, and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: the ability to control costs and avoid cost and schedule overruns during the development, construction and operation of facilities, to construct facilities in accordance with the requirements of permits and licenses, and to satisfy any environmental performance standards and the requirements of any tax credits and other incentives; 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.

SOURCE Southern Power