Southern Power enters into an agreement to sell a minority interest in solar portfolio

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May 23, 2018, 07:00 ET

ATLANTA, May 23, 2018 /PRNewswire/ -- Southern Power, a leading U.S. wholesale energy provider and subsidiary of Southern Company, today announced that it has entered into an agreement to sell a 33 percent minority interest in its solar portfolio to Global Atlantic Financial Group Limited for a purchase price of $1.175 billion.

The portfolio of projects involved in this transaction is comprised of 26 operating solar facilities representing approximately 1.7 gigawatts of capacity. The energy from these facilities is sold under long-term contracts with valued customers across the country.

"We are excited about our new partnership with Global Atlantic," said Southern Power President and CEO Mark Lantrip. "Our partnership has strong strategic alignment, as we are both focused on delivering long-term value to our customers and stakeholders. We look forward to working alongside Global Atlantic as we continue our work to provide clean, safe, reliable and affordable wholesale energy to our customers across the U.S."

Southern Power, through its subsidiaries, will act as the general partner in the partnership and will maintain overall operational responsibilities for the projects.

Citigroup Global Markets Inc. is serving as the financial advisor and Jones Day is serving as legal counsel to Southern Power. Troutman Sanders acted as supporting counsel for this transaction. Vinson & Elkins is serving as legal counsel to Global Atlantic Financial Group.

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 48 facilities operating or under development in 11 states with more than 12,200 MW of generating capacity in Alabama, California, Florida, Georgia, Maine, Minnesota, Nevada, New Mexico, North Carolina, Oklahoma and Texas.

About Southern Company

Southern Company (NYSE: SO) is America's premier energy company, with 46,000 megawatts of generating capacity and 1,500 billion cubic feet of combined natural gas consumption and throughput volume serving 9 million customers through its subsidiaries. The company provides clean, safe, reliable and affordable energy through electric operating companies in four states, natural gas distribution companies in seven states, a competitive generation company serving wholesale customers across America and a nationally recognized provider of customized energy solutions, 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 creating new products and services for the benefit of customers. We are building the future of energy by developing the full portfolio of energy resources, including carbon-free nuclear, advanced carbon capture technologies, natural gas, renewables, energy efficiency and storage technology. Southern Company has been named by the U.S. Department of Defense and G.I. Jobs magazine as a top military employer, recognized among the Top 50 Companies for Diversity and the number one Company for Progress by DiversityInc, and designated as one of America's Best Employers by Forbes magazine. Visit our website at www.southerncompany.com.

About Global Atlantic Financial Group Limited

Global Atlantic Financial Group Limited, through its subsidiaries, offers a broad range of retirement, life and reinsurance products designed to help our customers address financial challenges with confidence. A variety of options help Americans customize a strategy to fulfill their protection, accumulation, income, wealth transfer and end-of-life needs. In addition, Global Atlantic offers custom solutions and responsive service for the capital, risk and legacy-business management of life and annuity insurance companies.

Global Atlantic was founded at Goldman Sachs in 2004 and separated as an independent company in 2013. Its success is driven by a unique heritage that combines deep product and distribution knowledge with insightful investment and risk management capabilities, alongside a strong financial foundation of over $60 billion in assets as of March 31, 2018.

SOURCE Southern Power