Climate Changed
Southern to Sell Solar Assets, Nuclear Settlement to Raise Cash
- Utility owner’s net debt has nearly doubled since 2015
- Southern had been a prolific buyer of renewable power
Photographer: Martin Leissl/Bloomberg
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Southern Co. is shopping a $3.7 billion nuclear settlement and part of its solar-generation business to raise cash after recent acquisitions nearly doubled its debt.
Potential asset sales announced Wednesday follow a earlier decision to offer two natural-gas utilities for $1.4 billion. The Atlanta-based utility owner has held talks with potential buyers over the settlement from Toshiba Corp. for failing to complete the expansion of the Vogtle nuclear plant in Georgia, Chief Executive Officer Tom Fanning said by phone Wednesday.