Deals this week: Southern Company, Greenko Group, and Mainstream Renewable Power
Southern Company has announced its intention to issue 20 million shares, priced at $49.95 each, to raise $999.16m.
Proceeds from the offering are intended to be used for general corporate purposes and for the repayment of a portion of its outstanding short-term debt.
The underwriters include Merrill Lynch, Pierce, Fenner & Smith, Mizuho Securities USA, and UBS Securities, whereas Troutman Sanders served as the legal advisor to Southern Company.
Greenko Group has completed the acquisition of wind and solar projects in the Indian states of Tamil Nadu, Karnataka, Telangana, Andhra Pradesh, and Uttar Pradesh from SunEdison.
The $392m transaction provides Greenko Group ownership of 48MW of wind projects, 214MW of operational solar projects, 325MW of solar projects under development, and 900MW of pre-construction renewable projects.
Mainstream Renewable Power and GE Energy Financial Services have reached an agreement with Phu for the acquisition of stakes in Phu Cuong windfarm, located in the Soc Trang Province, Vietnam.
The 800MW farm will be constructed in five phases and project is estimated to require an investment of approximately $2bn, with the financial closure expected in 2018.
Greenbacker Renewable Energy Company has purchased the 25MW Greenfield windfarm in Teton County from Greenfield Wind for $34.7m.
The power generated from the farm will be sold to local public utility Northwestern Energy Company.