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Southern Power closes sale of Minn. gas-fired plant to Xcel Energy

Southern Power Co. closed the sale of the 577-MW Mankato Power Plant in Blue Earth County, Minn., to a newly formed subsidiary of Xcel Energy Inc. for $650 million.

Under the deal, MEC Holdings LLC acquired the gas-fired facility from the Southern Co. subsidiary and will continue to sell the output of the plant to Northern States Power Co. - Minnesota.

The Federal Energy Regulatory Commission approved the transaction in November 2019, while Minnesota Public Utilities Commission signed off on it in January 2020.

Barclays served as the financial adviser, and Baker Botts served as primary legal counsel to Southern Power for the transaction, according to a Jan. 18 news release.