RES signs joint development agreement with Southern Company for 10 windpower projects
Renewable Energy Systems (RES) has entered into a joint development agreement with Southern Company to develop and construct approximately 3,000MW of windpower projects across 10 locations in the US.
The company anticipates that all these projects will commence commercial operation between 2018 and 2020.
The structure of the agreement with Southern Power is a new approach for RES, which earlier was engaged in development partnerships on a limited basis.
RES' Americas president and chief executive officer (CEO) Glen Davis said: “This innovative joint development agreement demonstrates RES’ tremendous commercial flexibility.
“We’re very excited to join forces with Southern Power, one of the premier owners and investors in renewable energy assets in the US, to drive the successful completion of this project portfolio.
“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.”
This partnership will leverage the advantages of both companies to bring substantial windpower capacity to market. RES will serve as the lead developer and balance-of-plant constructor for the projects.
Southern Power has signed agreements to buy wind turbine equipment from both Siemens and Vestas.
Canadian Imperial Bank of Commerce (CIBC) has served as financial advisor to RES for the transaction.
Image: RES enters into a joint development agreement with Southern Company for ten wind power projects in the US. Photo: courtesy of Renewable Energy Systems