Yahoo Finance Southern Company (SO) Arm Adds 15th Wind Farm to Its Assets
Southern Company SO subsidiary Southern Power recently purchased the 118-megawatt (MW) Glass Sands Wind Facility in Oklahoma from Steelhead Americas, the North American development unit of Vestas Wind Systems. This marks Southern Power's fifth wind farm in the state and adds to the company's flourishing portfolio of renewable energy tools, which extends from California to Maine.
The Glass Sands project is the 15th wind scheme in Southern Power’s portfolio comprising 4,928 megawatt (MW) of renewable energy assets. The company’s wind portfolio now boasts a wind generation capacity of worth more than 2,533 MW with the addition of Glass Sands.
The project is in sync with Southern Company’s strategy to invest in renewable energy technologies toward a more sustainable future. The windfarm, currently under construction, was developed by Steelhead Americas and is located in Murray County, OK. It will run 28 turbines delivered by Vestas.
Commercial operations in this windfarm are scheduled to begin in the fourth quarter of this year. The facility's electricity and related renewable energy credits will be sold to Amazon under a power purchase agreement when it is operational.
Also, last month, the Southern Company unit purchased the 300-megawatt (MW) Deuel Harvest Wind Facility from Invenergy, a Chicago-based developer, owner and operator of power-generation assets and energy solutions. The Deuel Harvest project is the 14th wind scheme in Southern Power’s portfolio comprising 4,928 megawatt (MW) of renewable energy assets.
In a separate press release, earlier this week, Southern Company’s board of directors approved a 3.1% hike in its quarterly cash dividend. Following this latest raise, the payout presently stands at 66 cents per share compared with the previous payout of 64 cents. The increased dividend, which marks the 20th straight year of dividend hike, will be paid out on Jun 7, 2021 to the company’s shareholders of record as of May 17.
Company Profile
Southern Company is one of the largest and the best-managed electric utility holding companies in the United States. The firm leads the power business across the Southeastern region.
Its arm Southern Power primarily engages in developing, owning and managing power-generation assets including renewable energy projects. This apart, it sells electricity at market-based rates in the wholesale market.
Zacks Rank & Key Picks
Southern Company currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the energy space are Matador Resources Company MTDR, Diamondback Energy, Inc. FANG and Devon Energy Corporation DVN, each presently flaunting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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