SOUTHERN COMPANY: Southern Power Closes Sale of Nacogdoches Generating Facility to Austin Energy

Southern Company issued the following announcement on June 13.

Southern Power, a leading U.S. wholesale energy provider and subsidiary of Southern Company, completed the previously announced sale of the Nacogdoches Generating Facility to Austin Energy for $460 million, subject to customary working capital adjustments.

"The sale of the biomass facility provides benefits to Southern Power and offers Austin Energy the opportunity to own a significant regional energy resource," said Southern Power President, Bill Grantham. "Proceeds from this transaction will be used to strengthen the balance sheet of Southern Company, help meet projected equity needs and further de-risk financing plans."

Barclays served as the financial advisor and Baker Botts served as primary legal counsel to Southern Power.

Original source can be found here.

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