Southern Solar to sell 760 MW bioenergy project in US to Xcel Energy
Southern Power, a subsidiary of Southern Company, announced that it has entered an agreement to sell the Mankato Energy Center to Xcel Energy for $650 million.
Located in Mankato, Minnesota (US), the center will include two natural gas units – the existing 375 MW Mankato Energy Center I and the 345 MW Mankato Energy Center II expansion, which is under development. When complete, the Mankato Energy Center will represent 720 MW of generating capacity.
The Mankato Energy Center II expansion is expected to be operational by June 2019 to serve an additional 20-year power purchase agreement with Northern States Power.
The completion of the sale, subject to regulatory approval and other closing conditions, is expected to be mid-2019.
Barclays is serving as the financial advisor and Baker Botts is serving as primary legal counsel to Southern Power.
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