Southern Power closes sale of the Mankato Energy Center to Xcel Energy

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Jan 18, 2020, 09:00 ET

ATLANTA, Jan. 18, 2020 /PRNewswire/ -- Southern Power, a leading U.S. wholesale energy provider and subsidiary of Southern Company, completed the previously announced sale of the Mankato Energy Center to Xcel Energy for $650 million, subject to customary working capital adjustments.

"Southern Company and Southern Power have the utmost gratitude for those who worked to safely construct the second gas turbine and operate the entire site over the years," said Southern Power President Bill Grantham.

Barclays served as the financial advisor, and Baker Botts served as primary legal counsel to Southern Power for the transaction.

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 commercial and industrial customers. Southern Power and its subsidiaries own 49 facilities operating or under construction in 12 states with more than 10,590 MW of generating capacity in Alabama, California, Delaware, Georgia, Kansas, Maine, Nevada, New Mexico, North Carolina, Oklahoma, Texas and Washington.

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.

SOURCE Southern Power