Independent Power and Renewable Electricity Producers
Company Overview of Southern Power Company
Southern Power Company acquires, constructs, owns, and manages generation assets, primarily renewable energy projects. The company sells electricity in the wholesale market through purchase power agreements to investor-owned utilities, independent power producers, municipalities, and electric co-operatives. As of December 31, 2013, it had approximately 8,924 megawatts of generating capacity. The company was founded in 2001 and is based in Atlanta, Georgia. Southern Power Company is a subsidiary of Southern Company.
30 Ivan Allen Jr. Boulevard, N.W.
Atlanta, GA 30308
Founded in 2001
Key Executives for Southern Power Company
Chief Executive Officer, President and Director
Chief Financial Officer, Vice President and Treasurer
Executive Vice President, General Counsel and Director
Compensation as of Fiscal Year 2014.
Southern Power Company Key Developments
Southern Power Company Announces Earnings Results for the Fourth Quarter and Year Ended December 31, 2014
Feb 4 15
Southern Power Company announced earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported operating revenues of $386 million compared to $300 million a year ago. Earnings before income taxes were $18 million compared to $32 million a year ago. Net income available to common shareholders was $44 million compared to $24 million a year ago.
For the year, the company reported operating revenues of $1,501 million compared to $1,275 million a year ago. Earnings before income taxes were $172 million compared to $211 million a year ago. Net income available to common shareholders was $172 million compared to $166 million a year ago.
Southern Power Plans to Develop 131-Megawatt Photovoltaic Solar Project in Georgia
Dec 17 14
Southern Company subsidiary Southern Power announced plans to develop a 131-megawatt (MW) photovoltaic (PV) solar project in Georgia, which will be capable of generating enough electricity to help meet the energy needs of more than 21,000 homes. The electricity and associated renewable energy credits (RECs) will be sold to three Georgia electric membership corporations. Southern Power has selected First Solar to be the engineering, procurement and construction contractor for the facility. Construction of the plant is scheduled to begin in September 2015, and the project is expected to achieve commercial operation in the fourth quarter of 2016. The solar facility, which will be constructed on a 911-acre site in Taylor County, is expected to consist of approximately 1.6 million thin-film PV solar modules mounted on single-axis tracking tables manufactured by First Solar.
Southern Power Co. Acquires 150 MW Solar Project in $500 Million Deal
Oct 31 14
Southern Power Co. on October 23, 2014 announced that it has acquired a 150 MW solar project now under construction in Southern California from First Solar Inc. in a deal valued at $508 million. The solar power project, to be the large solar facility in Southern's portfolio, is being built across three sites in Imperial County, Calif., with each hosting an approximately 50-MW solar PV system. The SolarGen 2 plant will sell power to Sempra Energy subsidiary San Diego Gas & Electric Co. under a 25-year power purchase agreement. Under the terms of the deal, Southern Power's SG2 Holdings will initially own 100% of the project, with First Solar agreeing to acquire a minority interest subject to certain terms and upon fulfillment of certain conditions. First Solar will also operate and maintain the facility.
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