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Southern Acquires 139 MW Solar Farm

By Justin Loiseau - Apr 23, 2013 at 5:30PM

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The utility is ramping up renewables -- fast.

Southern (SO 1.04%) announced today that it, along with partner Turner Renewable Energy, has acquired First Solar's (FSLR 5.77%) 139 MW Campo Verde solar farm. This marks the utility's fifth solar acquisition, and its first in California.

"When it comes to developing the full portfolio of energy resources, Southern Company is developing solutions -- not rhetoric," said Southern Chairman, President, and CEO Thomas A. Fanning in a statement today. "By acquiring the Campo Verde Solar Project -- our largest solar installation to date -- we're more than doubling our solar capacity and increasing the diversity of our generation fleet."

Southern has been on a renewables rampage over the past six months. The corporation announced yesterday that it's purchasing another 250 MW of wind capacity for its Georgia Power utility, and it also recently agreed to contract 210 MW of solar power over the next two years.

According to the press release, Southern's newest solar farm will be built, operated, and maintained by First Solar. Generated electricity is slotted for Sempra Energy's (SRE 1.09%) San Diego Gas & Electric Company through a 20-year power purchase agreement.

First Solar broke ground on the project last December and expects to reach operational readiness in the fall of 2013.

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Stocks Mentioned

The Southern Company Stock Quote
The Southern Company
SO
$76.07 (1.04%) $0.78
First Solar, Inc. Stock Quote
First Solar, Inc.
FSLR
$72.01 (5.77%) $3.93
Sempra Energy Stock Quote
Sempra Energy
SRE
$166.65 (1.09%) $1.80

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