RES Announces Joint Development Agreement
January 03, 2017
Renewable Energy Systems (RES), a leader in the development, engineering, construction, and operations of wind, solar, transmission, and energy storage projects in the Americas, is pleased to announce a joint development agreement with Southern Company subsidiary Southern Power, to develop and construct approximately 3,000 megawatts (MW) of wind power across 10 projects located in various regions within the United States. All projects are expected to achieve commercial operation between 2018 and 2020.
The agreement structure with Southern Power is a new approach for RES, which has previously engaged in development partnerships on a very limited basis. However, the rapid growth of wind development across the Americas has presented opportunities to pursue creative operating relationships with strong partners. The RES-Southern Power partnership will leverage the advantages of both companies to bring substantial wind power capacity to market, and may provide a model for RES to collaborate with others.
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.
“This innovative joint development agreement demonstrates RES’ tremendous commercial flexibility,” stated Glen Davis, President and CEO of RES in the Americas. “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.”
Canadian Imperial Bank of Commerce (CIBC) served as financial advisor to RES for the transaction. Globally, RES has constructed (or currently has under construction) 101 projects to date, totaling more than 9,600 MW.
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