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Southern, Turner Renewable Buy Fifth U.S. Solar Project

Southern Co., the second-largest U.S. power company by market value, acquired its fifth U.S. solar project in partnership with billionaire Ted Turner’s renewable-energy company.

Southern and Turner Renewable Energy LLC bought First Solar Inc. (FSLR)’s 139-megawatt Campo Verde project in California, the Atlanta-based company said today in a statement. Terms weren’t released.

The Campo Verde project will be Southern’s first solar farm in California and will more than double its solar generating capacity, according to the statement. First Solar in December began building the project with its thin-film panels and will operate it after completion later this year. Sempra Energy (SRE) utility San Diego Gas & Electric will buy the power under a 20- year contract.

Southern and Turner Renewable in 2010 acquired First Solar’s 30-megawatt Cimarron project adjacent to a ranch owned by Turner in New Mexico. The companies have also bought MEMC Electronic Materials Inc. (WFR)’s 30-megawatt Spectrum Solar and 20- megawatt Apex projects in Clark County, Nevada, as well as a 2.5-megawatt facility in Granville County, North Carolina.

To contact the reporter on this story: Andrew Herndon in San Francisco at aherndon2@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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