) has co-partnered privately-held Turner Renewable Energy to take
over the Spectrum Solar Project from SunEdison - a subsidiary of
MEMC Electronic Materials
). However, the financial aspects of the deal were not disclosed.
Located in Nevada, the 30-megawatt solar photovoltaic power plant
will spread across a 311-acre site in Clark County. Construction of
the Spectrum Solar Project is expected to begin from October 2012
while commercial operations at the plant will commence from the
second quarter of 2013. SunEdison will continue to oversee
the facility's ongoing operations and maintenance.
The Spectrum Solar Facility is one of the largest tracking-based
installations in the United States with the highest DC
capacity. This technology ensures greater efficiency by
optimally positioning the solar panels in tandem with the sun's
movement across the sky.
The electricity generated by the facility will be bought by the
Nevada Power Company, a wholly owned unit of
NV Energy Inc
), under the terms of a 25-year power purchase agreement.
Ted Turner, who owns Turner Renewable Energy, formed a strategic
collaboration with Southern Company in January 2010. The two
companies were interested in pursuing renewable energy projects in
the United States.
In this regard, in June 2012, the companies acquired the
20-megawatt Apex Solar Facility located in the City of North Las
Vegas, Clark County. It started commercial operations in third
quarter of 2012.
Southern Company is one of the largest electric utility holding
companies in the U.S., and is the premier energy company serving
the Southeast. It remains a leader in power plant productivity,
cost control (operating and construction) and new technology
However, the challenging economic environment and increased
spending levels to ensure regulatory compliance may hamper the
company's results in the next few quarters.
Currently, Southern Company holds a Zacks #3 Rank (short-term Hold
rating). We also maintain a long-term Neutral recommendation on the
NV ENERGY INC (NVE): Free Stock Analysis Report
SOUTHN COMPANY (SO): Free Stock Analysis Report
MEMC ELEC MATRL (WFR): Free Stock Analysis
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