Southern Power, a Southern Company (SO - Free Report) subsidiary, recently purchased the 56-megawatt (MW) Beech Ridge Wind Facility from Invenergy, a Chicago-based developer, owner and operator of power generation and energy solutions.
The Beech Ridge II project is Southern Power’s 13th wind scheme and its first venture in the Mid-Atlantic region. The company’s wind portfolio now boasts wind generation capacity of worth more than 2,100 MW with the addition of Beech Ridge II.
The windfarm developed by Invenergy is located in Greenbrier County, WV that exploits 20 wind turbines, delivered by GE Renewable Energy.
With this acquisition, Southern Power, which is an Atlanta wholesale energy provider, became the majority owner of Beech Ridge II project while a minor stake will be held by Invenergy. The electricity generated as well as the related renewable energy credits are being sold under a 12-year power purchase pact.
In October 2019, Southern Power acquired the 136 MW Skookumchuck wind farm in Washington state from RES (Renewable Energy Systems).
The project, located in Lewis and Thurston Counties, is Southern Power's first wind facility in the state and will comprise 38 Vestas turbines. Skookumchuck marks Southern Power’s 12th wind project. Work on this is currently ongoing with the launch expected later this year.
Zacks Rank & Key Picks
Southern Power, a unit of Southern Company, primarily engages in developing, owning and managing power generation assets including renewable energy projects as well as selling electricity at market-based rates in the wholesale market.
Southern Company carries a Zacks Rank #3 (Hold). Some better-ranked players in the utility space are Atlantic Power Corporation (AT - Free Report) , China Resources Power Holdings Co (CRPJY - Free Report) and Spark Energy Inc , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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