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Southern Power acquires controlling stake in 257MW Texas wind farm

Published 31 October 2016

Southern Company’s subsidiary Southern Power has acquired controlling stake in the in the 257MW Wake Wind Energy Center in Texas, US, from Invenergy.

Financial details about the transaction have not been disclosed. Invenergy had developed and completed the construction of the project recently.

The wind energy project is situated in the northwest Texas counties of Crosby and Floyd. It is Southern Company's first wind project acquisition in Texas.

The wind farm features 150 GE turbines, each producing about 1.715MW.

After the acquisition, Invenergy Services will operate and maintain the wind centre.

The company noted that the acquisition aptly fits into its business strategy to grow its wholesale business through the acquisition and construction of generating assets substantially covered by long-term contracts.

Southern Power president and CEO Buzz Miller said: "Southern Power remains committed to strategically developing our renewable energy portfolio.

"The Wake Wind Energy Center continues our growth in wind generation and will provide renewable wholesale energy to our customers."

With this acquisition, the portfolios of Southern Power has now reached 2.6GW of renewable assets from a total of 32 solar, wind and biomass facilities which have either been announced, acquired or are under construction.

Its parent company Southern Company has added more than 4GW of renewable generation since 2012.

Invenergy Operating Business Group president and CFO Jim Murphy, said: "Wake Wind was developed to meet the needs of our customers for long-term renewable energy supply.

"We're pleased Southern Power, a company with the same dedication to providing clean, affordable, wholesale generation to customers, wants to take ownership in this great project and we look forward to exploring additional opportunities to work with them in the future."

The electricity and most of the associated renewable energy credits (RECs) generated through the project will be sold under two separate and long term agreements, while Southern Power would retain a percentage of the electricity.

Image: Southern Company buys stake in Invenergy’s wind farm in Texas. Photo: Courtesy of Southern Company.