Southern Power to sell solar portfolio stake for $1.175 bil

Southern Power, a U.S. wholesale energy provider and subsidiary of investor-owned Southern Company, on May 23 said 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.

Southern Power notes that the portfolio of projects involved in the 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 customers across the country.

The company did not offer additional details on the specific projects that are part of the transaction.

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

Southern Power currently owns more than 1,230 megawatts of solar generating capacity at 28 facilities operating in California, Georgia, Nevada, New Mexico, North Carolina and Texas. Twenty-six of these facilities are co-owned by third parties, with Southern Power having the majority ownership.

Additional details about Southern Power’s solar projects are available here.