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Southern Company's Garland Solar Facility Comes Online
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Southern Power, a subsidiary of electric utility holding firm Southern Company (SO - Free Report) recently issued a joint statement with Recurrent Energy, a unit of Canadian Solar Inc. (CSIQ - Free Report) , announcing that their 200-megawatt (MW) Garland Solar Facility in California has come online.
Garland Solar Facility, which uses approximately 723,000 Canadian Solar high performance photovoltaic (PV) solar modules, is expected to provide electricity to around 50,000 homes. Construction works on the facility started in Nov 2015 on 2,000 acres of land in Kern County, CA. Moreover, the facility is operating under a two long-term power purchase agreement with Southern California Edison under which the electricity and associated renewable energy credits generated by the facility will be sold.
Southern Power is the majority owner of the Garland Solar Facility. The development of the project was managed by Recurrent Energy, which owns the remaining interest.
The facility is expected to help Southern Power expand its solar energy portfolio and meet the ever increasing energy demand. In fact, the facility is in line with Southern Power's strategy of growing its wholesale business through acquisition and construction of power generating assets that are covered by long-term contracts.
Southern Power owns 33 solar, wind and biomass projects, including 11 solar projects in California. Since 2012, the parent – Southern Company – has acquired more than 4,000 MW of renewable energy projects.
Southern Company is one of the largest and best-managed electric utility holding companies in the U.S. The firm dominates the power business across the southeastern region.
Year to date, the Zacks categorized Utility Electric Power industry has registered an impressive growth of 5.7%. However, the Southern Company stock has underperformed the industry by registering a growth of only 3.6%.
Currently, the utility carries a Zacks Rank #3 (Hold), which implies that the stock will perform in line with the broader U.S. equity market over the next one to three months.
In the last four quarters, Braskem posted an average positive earnings surprise of 105.5%.
In the last four quarters, McDermott posted an average positive earnings surprise of 250.00%.
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Southern Company's Garland Solar Facility Comes Online
Southern Power, a subsidiary of electric utility holding firm Southern Company (SO - Free Report) recently issued a joint statement with Recurrent Energy, a unit of Canadian Solar Inc. (CSIQ - Free Report) , announcing that their 200-megawatt (MW) Garland Solar Facility in California has come online.
Garland Solar Facility, which uses approximately 723,000 Canadian Solar high performance photovoltaic (PV) solar modules, is expected to provide electricity to around 50,000 homes. Construction works on the facility started in Nov 2015 on 2,000 acres of land in Kern County, CA. Moreover, the facility is operating under a two long-term power purchase agreement with Southern California Edison under which the electricity and associated renewable energy credits generated by the facility will be sold.
Southern Power is the majority owner of the Garland Solar Facility. The development of the project was managed by Recurrent Energy, which owns the remaining interest.
The facility is expected to help Southern Power expand its solar energy portfolio and meet the ever increasing energy demand. In fact, the facility is in line with Southern Power's strategy of growing its wholesale business through acquisition and construction of power generating assets that are covered by long-term contracts.
Southern Power owns 33 solar, wind and biomass projects, including 11 solar projects in California. Since 2012, the parent – Southern Company – has acquired more than 4,000 MW of renewable energy projects.
Southern Company is one of the largest and best-managed electric utility holding companies in the U.S. The firm dominates the power business across the southeastern region.
Year to date, the Zacks categorized Utility Electric Power industry has registered an impressive growth of 5.7%. However, the Southern Company stock has underperformed the industry by registering a growth of only 3.6%.
Currently, the utility carries a Zacks Rank #3 (Hold), which implies that the stock will perform in line with the broader U.S. equity market over the next one to three months.
Some better-ranked players from the broader energy sector include Braskem S.A. (BAK - Free Report) , and McDermott International Inc. . Both the stocks sport a Zacks Rank #1(Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
In the last four quarters, Braskem posted an average positive earnings surprise of 105.5%.
In the last four quarters, McDermott posted an average positive earnings surprise of 250.00%.
Zacks' Top Investment Ideas for Long-Term Profit
How would you like to see our best recommendations to help you find today’s most promising long-term stocks? Starting now, you can look inside our portfolios featuring stocks under $10, income stocks, value investments and more. These picks, which have double and triple-digit profit potential, are rarely available to the public. But you can see them now. Click here >>