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US-based gas and electric utility firm Southern Company has completed the sale of Gulf Power Company to NextEra Energy.

The sale marks the closure of sale of Gulf Power, Florida City Gas and the entities holding Southern Power’s interests in Plant Oleander and Plant Stanton.

Last May, Southern Company signed agreements to sell its Florida assets to NextEra Energy for approximately $6.4bn. The proceeds from these transactions will be used to reduce debt and improve its balance sheet.

Southern Company chairman, president and CEO Thomas Fanning said: “These sales deliver substantial value to Southern Company and our stockholders. By strengthening our financial position and allowing us to fund our business without raising significant additional capital, the value proposition of this deal is clear.

“Our Florida teams have contributed significantly to the economies of south and north-west Florida and improved the communities we served. Southern Company will continue to honour the accomplishments of our distinguished past, while working to optimise the long-term success of our business.”

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By GlobalData
"Southern Company will continue to honour the accomplishments of our distinguished past, while working to optimise the long-term success of our business."

Under the deal, Gulf Power and Florida City Gas will carry on operations with their customer-focused business models.

Headquartered in Juno Beach, Florida, NextEra is a clean energy company that operates approximately 46,790MW of net generating capacity.

NextEra Energy chairman and CEO Jim Robo said: “We are excited to welcome our new colleagues from Gulf Power to the NextEra Energy family. The last few months have been among the most challenging periods in Gulf Power’s rich history as the team worked tirelessly to restore power to those impacted by Hurricane Michael.

“We couldn’t be more pleased by Gulf Power’s performance and commitment to getting the lights back on during what were extremely dangerous and difficult conditions. As we turn to the future, we look forward to extending to Gulf Power’s customers our best-in-class value proposition of low bills, clean energy, high reliability and outstanding.”