Southern Power to acquire West Georgia Generating Company

Mon. October 26, 2009; Posted: 05:48 AM

Oct 26, 2009 (Datamonitor via COMTEX) -- SO | Quote | Chart | News | PowerRating -- Southern Power, a subsidiary of Southern Company, has entered into an acquisition agreement with an affiliate of LS Power to acquire 100% ownership interest in West Georgia Generating Company, which has a plant located in Thomaston, Georgia.

The Thomaston plant is a peaking facility with four gas-fired combustion turbines with total capacity of approximately 600MW. Capacity from two of the four units is sold through long-term power purchase agreements with the Municipal Electric Authority of Georgia and the Georgia Energy Cooperative.

In addition to the acquisition of the West Georgia facility, the agreement includes the acquisition by LS Power of a 100% ownership interest of Southern Power's DeSoto County Generating Company, which has a plant located in Arcadia, Florida.

The DeSoto plant consists of two combustion turbine units with a combined capacity of 320MW. The closing of the transaction is subject to several conditions including all pending regulatory approvals.

Ronnie Bates, president of Southern Power, said: "This transaction reinforces Southern Power's disciplined strategy to acquire and/or build generating assets for which the output is significantly covered by long-term bi-lateral contracts in the wholesale market. This agreement represents a growth opportunity that is a good fit for Southern Power."

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For full details on Southern Company The (SO) click here. Southern Company The (SO) has Short Term PowerRatings of 6. Details on Southern Company The (SO) Short Term PowerRatings is available at This Link.

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