Southern Company and Ted Turner Acquire Solar Photovoltaic Power Project

Posted on: Mon, 15 Mar 2010 04:00:00 EDT
ATLANTA, March 15, 2010 /PRNewswire via COMTEX/ --
Southern Company (NYSE: SO Quote Chart News PowerRating) Chairman, President and CEO David M. Ratcliffe and Turner Renewable Energy founder Ted Turner today announced that the companies have acquired and will bring online one of the nation's largest solar photovoltaic (PV) power plants. The 30 megawatt project, the first to result from the partnership forged by Southern Company and Turner Renewable Energy in January, will supply power to approximately 9,000 homes.
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The project was acquired from and will be built by Tempe, Ariz.-based First Solar, Inc., (Nasdaq: FSLR Quote Chart News PowerRating) the world's largest manufacturer of thin film solar modules.
"Expanding the role renewables play in our energy mix is a priority for Southern Company," said Ratcliffe. "Renewables, along with new nuclear, increased energy efficiency, cleaner coal technology and additional natural gas, all will be crucial to meeting this nation's growing energy demand."
"It is great that large-scale solar photovoltaic power generation is becoming a reality in the United States," said Turner. "Southern Turner Renewable Energy is excited to develop and own this project and we look forward to generating clean renewable energy in New Mexico."
The Southern Turner Cimarron I Solar Project is adjacent to Turner's Vermejo Park Ranch in northern New Mexico. First Solar is the contractor for both engineering, procurement and construction (EPC) and operation and maintenance for the facility.
"The Cimarron I project is yet another example of First Solar's capability to realize utility-scale solar projects," said Rob Gillette, First Solar chief executive officer. "Combining the required technology, manufacturing, project development and EPC expertise enables First Solar to be a leader in sustainable energy development."
Construction of the solar array will begin this month with completion and commercial operation expected by year end 2010. It will consist of approximately 500,000 2'x 4' photovoltaic modules constructed with First Solar's patented thin film semiconductor technology.
PV modules generate electricity directly from sunlight through an electronic process that occurs naturally in certain types of material, known as semiconductors. Solar energy frees electrons in these materials to travel through an electrical circuit, powering devices or sending electricity to the grid.
Electricity generated by the plant will serve a 25-year power purchase agreement with the Tri-State Generation and Transmission Association, a not-for-profit wholesale power supplier to 44 electric cooperatives serving 1.4 million customers across Colorado, Nebraska, New Mexico and Wyoming. With the plant's output covered by a long-term contract, the Cimarron I Solar Project is a natural fit with Southern Company's overall business strategy and risk profile.
Turner Renewable Energy is wholly owned by Ted Turner. Turner Enterprises, Inc. (TEI), a private company, manages the business interests, land holdings and investments of Ted Turner, including the oversight of two million acres in 12 states and in Argentina, and more than 50,000 bison head.
With 4.4 million customers and more than 42,000 megawatts of generating capacity, Atlanta-based Southern Company (NYSE: SO) is the premier energy company serving the Southeast. A leading U.S. producer of electricity, Southern Company owns electric utilities in four states and a growing competitive generation company, as well as fiber optics and wireless communications. Southern Company brands are known for excellent customer service, high reliability and retail electric prices that are below the national average. Southern Company is consistently listed among the top U.S. electric service providers in customer satisfaction by the American Customer Satisfaction Index (ACSI). Visit our Web site at www.southerncompany.com
SOURCE Southern Company