Southern Company Purchases Two Wind Projects in Texas
Southern Power, a subsidiary of electric utility holding firm Southern Company (SO – Free Report) reported that it has purchased two wind facilities in Texas, namely the 174-megawatt (MW) Salt Fork Wind Facility and the 126-MW Tyler Bluff Wind Facility.
Southern Power purchased these two wind facilities from EDF Renewable Energy. Following this deal, Southern Power now has more than 1000 MW of wind power, which has increased its wholesale renewable portfolio to more than 3,000 MW.
Salt Fork Wind Facility, which consists of 87 wind turbines manufactured by Vestas, is located in Texas. Tyler Bluff Wind Facility, which is also located in Texas, comprises 52 wind turbines manufactured by Siemens.
With the addition of these two facilities, Southern Power now has 35 solar, wind and biomass projects, including 11 solar projects in California. Since 2012, the parent – Southern Company – has acquired more than 4,000 MW of renewable energy projects.
Southern Company is one of the largest and best-managed electric utility holding companies in the U.S. The firm dominates the power business across the southeastern region.
Year to date, the Zacks categorized Utility Electric Power industry has registered an impressive growth of 5.7%. However, the Southern Company stock has underperformed the industry by registering growth of only 3.6%.
Currently, the utility carries a Zacks Rank #3 (Hold), which implies that the stock will perform in line with the broader U.S. equity market over the next one to three months.