Renewable Energy Systems (RES) has announced a joint development agreement with Southern Power, a subsidiary of Southern Co., to develop and construct approximately 3 GW of wind power across 10 projects in the U.S.
The companies expect the projects – to be situated in various regions of the country – to achieve commercial operations between 2018 and 2020.
RES says the agreement structure is a new approach for the company, which has previously engaged in development partnerships on a very limited basis. However, RES says the rapid growth of wind development across the Americas has presented new opportunities to pursue these types of relationships. The company notes that the new partnership may even provide a model for RES’ future collaborations.
RES will serve as the lead developer and balance-of-plant constructor for the projects. Southern Power has signed agreements to purchase wind turbine equipment from both Siemens and Vestas.
Just recently, Southern Power touted a milestone of more than 1 GW of owned wind power.
“We’re very excited to join forces with Southern Power, one of the premier owners and investors in renewable energy assets in the U.S., to drive the successful completion of this project portfolio,” says Glen Davis, president and CEO of RES in the Americas. “The wind capacity resulting from this effort will create economic benefits and grow job opportunities in renewable energy and further enable our clients to reduce their carbon footprint.”
Canadian Imperial Bank of Commerce served as financial advisor to RES for the transaction.
