S&P 500
7,226.20
+0.01%
Dow Jones
49,494.60
-0.62%
Nasdaq 100
27,685.40
+0.66%
Russell 2000
2,804.78
-0.02%
FTSE 100
10,364.50
0.00%
Nikkei 225
59,260.50
-0.78%

Energy

Southern Company Buys New Mexico’s Biggest Solar Farm From First Solar

Photo of 247sarah
By 247sarah Updated Published
Follow 24/7 Wall St. on Google
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

solar power
Thinkstock
Southern Company (NYSE: SO) announced Friday that it is partnering with Turner Renewable Energy to buy New Mexico’s largest solar facility from First Solar (NASDAQ: FSLR). Terms of the deal were not disclosed. Clocking in at 50 MW, the Macho Springs Solar Facility near Deming marks the seventh such joint acquisition for Southern Company and media mogul Ted Turner’s Turner Renewable Energy company. “In partnership with Turner Renewable Energy, Southern Company has created one of the nation’s largest solar portfolios,” said Southern Company Chairman, President and CEO Thomas Fanning in today’s press release. “Our strategic solar expansion demonstrates our commitment to the full portfolio of energy resources.” First Solar began construction of the Macho Springs facility in July 2013 operation is targeted for this week. It is slated to produce enough electricity to power 18,000 homes. First Solar was quoted in the press release as saying it was “pleased to provide another best-in-class PV [photovoltaic] power plant to the partnership’s growing renewable energy portfolio.” Southern Company and Turner Renewable Energy previously bought two other solar facilities from First Solar — a 139 MW California farm and a 30 MW farm in New Mexico. As with most solar projects, the electricity produced from this facility has already been sold to utility El Paso Electric via a 20-year power purchase agreement. ALSO READ:  Seven States Running Out of Water

Photo of 247sarah
About the Author 247sarah →

Sarah Burns is an editor and writer at 24/7 Wall St. She previously worked at AOL and MSN. She began her career in book publishing at Viking Press/Penguin Books and has been writing and editing general and financial news stories for the last 15 years.

In addition to 24/7 Wall St. and 24/7 Tempo, her stories have appeared in USA Today, MSN, MarketWatch, Business Insider, and Yahoo Finance.

Sarah has edited numerous travel and garden books. She teaches urban farming in New York City public schools and is an instructor at the New York Botanical Garden. She graduated from Bowdoin College in Maine with a bachelor’s degree in English. She is based in New York City.

Featured Reads

Our top personal finance-related articles today. Your wallet will thank you later.

Why The Money Guy's 25% Savings Rule Actually Starts at 15%
Ian Cooper |

Why The Money Guy's 25% Savings Rule Actually Starts at 15%
Retirees Are Realizing a $1.5 Million Nest Egg at 60 Only Means $31,000 in Real Annual Spending
Drew Wood |

Retirees Are Realizing a $1.5 Million Nest Egg at 60 Only Means $31,000 in Real Annual Spending

Continue Reading

Douglas A. McIntyre |

Unlikely Bedfellows: Mines That Run on Solar or Wind Power

ThinkstockBy Andrew Topf of Oilprice.com Mining companies are often seen as dinosaurs when it comes to making changes that will…
Paul Ausick |

First Solar Sells Another Solar Energy Project

ThinkstockFirst Solar Inc. (NASDAQ: FSLR) said today that it has sold its Campo Verde solar energy project to a subsidiary…
3M Pledges to Move to 100% Renewable Energy Over Time
Jon C. Ogg |

3M Pledges to Move to 100% Renewable Energy Over Time

3M is joining the ranks of companies that are going green. The conglomerate has announced that it is committed to…
Douglas A. McIntyre |

The Business Day In Global Warming (SRP, SATC, ETLY, BP, CSIQ, AMAT, FSLR)

Sierra Pacific Resources (NYSE:SRP) announced today that its two Nevada-based utility subsidiaries, Nevada Power Company and Sierra Pacific Power Company,…
This Is How Much Renewable Energy Your State Produces
Sam Stebbins |

This Is How Much Renewable Energy Your State Produces

Within weeks of taking office, President Joe Biden issued a series of executive orders aimed at making the U.S. carbon…
Jon C. Ogg |

Is Amazon Web Services Cowering to Greenpeace?

While some might question Amazon's spending habits anyhow, 24/7 Wall St. could not help but wonder one thing here: is…
US Wind Farms Generating the Most Electricity
247patrick |

US Wind Farms Generating the Most Electricity

The power of the wind has been harnessed for millennia and began to be used for electricity generation in the…
Jon C. Ogg |

Duke Energy’s $500 Million Solar Investment Largest in Its Region

Duke Energy announced on Monday that it has committed some $500 million to a major expansion of solar power in…
Paul Ausick |

Solar Adding More Jobs (FSLR, SPWRA, STP)

The number of jobs in the US solar industry has risen by 6.8% year-over-year from August 2010 to August 2011.…

Top Gaining Stocks

Cboe Global Markets
CBOE • Vol: 1,568,143
New Pluto Global
PSKY • Vol: 12,285,993
Seagate Technology
STX • Vol: 7,378,346
Oracle
ORCL • Vol: 26,317,675
Datadog
DDOG • Vol: 6,247,779

Top Losing Stocks

LKQ
LKQ • Vol: 4,367,433
Clorox
CLX • Vol: 13,260,523
Stryker
SYK • Vol: 4,519,455
Mohawk Industries
MHK • Vol: 1,859,865
Amgen
AMGN • Vol: 3,818,618