Mon, Nov. 14, 4:57 PM
- 8point3 Energy Partners (NASDAQ:CAFD) agrees to acquire First Solar's (NASDAQ:FSLR) 34% stake in the 300 MW Stateline solar project in California for $329.5M.
- Stateline, located in San Bernardino, began operations in August and is majority owned by Southern Co. (NYSE:SO); Southern California Edison is purchasing the power generated by the project under a 20-year power purchase agreement.
- CAFD expects the project to generate ~$32M in average annual pre-tax cash distributions and has a 20-year contract life.
Tue, Sep. 20, 4:57 PM
- 8point3 Energy Partners (NASDAQ:CAFD) agrees to acquire SunPower's (NASDAQ:SPWR) 49% stake in its 102 MW Henrietta Solar Project for $134M.
- CAFD expects the acquisition to generate ~$10.9M in annual cash distributions and has a 20-year contract life.
- The Henrietta project, located in California's San Luis Valley, will begin operations next month, and is majority owned by Southern Co. (NYSE:SO)
- CAFD +1.9% AH, SPWR +0.5%.
Mon, Jul. 11, 7:23 AM
- Southern Co. (NYSE:SO) agrees to acquire a 50% stake in the 7,600-mile Southern Natural Gas pipeline system from Kinder Morgan (NYSE:KMI) for $1.47B.
- KMI will continue to operate the system connects natural gas fields in Texas, Louisiana, Mississippi, Alabama and the Gulf of Mexico to markets in the southeast U.S.; SO is one of the pipeline's customers.
- SO says its new ownership stake in Southern Natural Gas will "position [it] for future growth opportunities and enhanced access to natural gas, which are expected to benefit customers and investors alike."
- KMI plans to use all proceeds from the sale to pay down debt, CEO Steve Kean says; KMI has canceled or postponed more than $4B in new pipeline projects this year and sold stakes in existing conduits to raise cash.
- The companies also say they plan to work together on additional projects expanding the pipeline system.
Wed, Mar. 23, 7:57 AM
- Southern Co. (NYSE:SO) and AGL Resources (NYSE:GAS) receive unanimous regulatory approval of the companies' proposed merger from the California Public Utilities Commission; the companies expect to complete the transaction in H2 2016.
- The combination is expected to create the second-largest utility company in the U.S. by customer base, totaling ~9M.
- SO agreed in 2015 to acquire natural gas distributor AGL for $66/share in an all-cash deal valued at ~$12B, including debt.
Wed, Feb. 24, 6:12 PM
- PowerSecure International (NYSE:POWR) +77.8% AH after agreeing to be acquired by Southern Co. (NYSE:SO) for $18.75/share in cash, a 90% premium to today's closing price.
- SO says it expects the ~$431M deal to expand its ability to provide customized energy products to customers.
- SO has been expanding through acquisitions, including its ~$12B deal for AGL Resources, which is expected to close in H2 of this year.
Aug. 24, 2015, 7:49 AM
- Southern Company (NYSE:SO) agrees to acquire AGL Resources (NYSE:GAS) for $66/share in cash, a 38% premium over Friday's closing price, in a deal with an enterprise value of ~$12B including debt.
- SO says the deal will create the second-largest utility company in the U.S. by customer base, with 11 regulated electric and natural gas distribution companies providing service to ~9M customers with a projected regulated rate base of ~$50B.
- SO expects the deal to increase EPS in the first full year after the close and drive long-term EPS growth to 4%-5%.
Apr. 23, 2013, 2:41 PM
First Solar (FSLR +3.3%) has sold its 139MW Campo Verde solar plant project (located in Imperial County, CA) to a Southern Company (SO +0.1%) subsidiary and Turner Renewable Energy for an undisclosed sum. First Solar will finish building Campo Verde, which is expected to begin commercial operation this fall, and will operate/maintain the plant for 10 years. The news comes 8 months after First Solar announced it would develop the project. (PR)| Apr. 23, 2013, 2:41 PM | 2 Comments