ATLANTA (dpa-AFX) - The Southern Co. (SO), an electric utility company, announced on Thursday that its unit Southern Power has acquired its 29th solar project from EDF Renewables. The financial details of the transaction were not divulged.
The Millers Branch Solar Facility is a 200-megawatt project that is in the early stages of development and has the capacity to expand to 500 megawatts.
The project is located in Haskell County, Texas, and is expected to become commercially operational in the fourth quarter of 2025.
As per the company, the project aligns with Southern Power's overall business strategy of strengthening its wholesale business by purchasing and developing assets that are covered by long-term contracts with counterparties with strong credit support.
'Once operational, the electricity and associated renewable energy credits generated by the facility will be sold under a 20-year virtual power purchase agreement with Thermo Fisher Scientific,' the company said.
Currently, shares of Southern Company are trading at $70.88 down 0.45%, on the New York Stock Exchange.
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