Southern Co units buys most of 257-MW Texas wind farm

Southern Power said Friday it has acquired a controlling stake in the 257-MW Wake Wind Energy Center in Texas from Chicago-based developer Invenergy Wind LLC.

Back in June, the Southern Co (NYSE:SO) subsidiary said it would buy 90.1% in the wind project for USD 469 million (EUR 429.5m). The deal brings to 2,600 MW the company's solar, wind and biomass power capacity that is either announced, acquired or under construction, Southern Power said, without repeating financial details.

The wind park of Invenergy Wake Wind Holdings LLC will comprise 150 pieces of General Electric (NYSE:GE) turbines. The website of Invenergy, which remains a minority shareholder, says the power plant is still under construction with completion expected this year. Financial close was announced in April.

The Wake Wind Energy Center is selling most of its output and renewable energy credits (RECs) under two long-term deals. Southern Power said it will retain a small portion of the power and RECs, and added that the buy fits its strategy of expanding its wholesale business through the acquisition and construction of power plants with long-term contracts.

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