Electric utility firm Southern Company (SO) declared that it will construct a solar facility spreading roughly 911 acres of land in Georgia. The plant – expected to have a capacity of 131 megawatts – will likely generate sufficient electricity to compensate the energy demand of over 21,000 homes.
Solar energy solutions provider First Solar Inc. (FSLR) will provide the engineering, procurement and construction services to the facility. Southern Company revealed that the plant’s construction activities will start by Sep 2015, while its commercial operation is anticipated to begin by the fourth quarter of 2016.
Southern Company will sell the electricity and related renewable-energy credits, generated from the plant, to Flint Electric Membership Corp., Cobb Electric Membership Corp. and Sawnee Electric Membership Corp. for a period of 25 years.
With Turner Renewable Energy LLC, Southern Company has bought roughly seven solar developments previously. Southern Company also acquired one plant with First Solar.
Headquartered in Atlanta, GA, Southern Company is one of the largest generators of electricity in the nation, serving both regulated and competitive markets across the southeastern U.S. It is a holding company for four regulated Southern electric utilities that serve about 4.4 million customers – Georgia Power, Alabama Power, Gulf Power, and Mississippi Power.
Presently, Southern Company carries a Zacks Rank #2 (Buy), implying that it will outperform the broader U.S. equity market over the next one to three months.
One can also look at players in the energy space like SandRidge Mississippian Trust I (SDT) and Sandridge Mississippian Trust II (SDR). Both these stocks sport a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
To read this article on Zacks.com click here.
Get all Zacks Research Reports and be alerted to fast-breaking buy and sell opportunities every trading day.
Be the first to comment