Southern (NYSE:SO) announced today that it will acquire a 20 MW California solar plant in partnership with media mogul Ted Turner's Turner Renewable Energy business. The facility is Southern's second acquisition in California, and its sixth partnered purchase nationwide.
Southern's acquisition involves strategic partnerships to ensure stable and consistent sales and earnings. SunEdison (OTC:SUNEQ) will build and ultimately operate the facility, while Edison International's (NYSE:EIX) Southern California Edison subsidiary will buy up all the electricity per a 20-year power purchase agreement.
"Southern Company continues to be a leader in the development of renewable generation," said Chairman, President and CEO Thomas A. Fanning in a statement today. "The Adobe Solar Facility reflects our ongoing commitment to develop the full portfolio of energy resources -- an effort that has amounted to more than 1,700 megawatts of additional renewable energy resources since January 2012."
SunEdison is expected to start construction this fall, with power flowing to Edison International by spring 2014.