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Southern Power sells stake in 8 wind farms to 3 financial investors

Southern Power Co. sold a noncontrolling tax equity interest in SP Wind Holdings II LLC to JPM Capital Corp., BAL Investment & Advisory Inc. and Wells Fargo Central Pacific Holdings Inc. in a transaction valued at approximately $1.2 billion.

SP Wind Holdings II owns eight operational wind farms in the U.S., according to a Form 8-K filed Dec. 11. The three financial investors, which agreed to acquire the stake in late October, will have a claim to certain cash distributions and an allocation of tax attributes. The Southern Co. subsidiary will maintain the control and overall operational responsibilities of the wind facilities.

Southern Power plans to use the sale proceeds to return capital of approximately $1 billion to Southern Co.

The transaction follows Southern Power completing a legal reorganization of the eight facilities under SP Wind in September, which resulted in net state tax benefits of approximately $11 million related to certain changes in apportionment rates.

Southern Power in May completed the sale of a 33% stake in a portfolio of 26 solar facilities to Global Atlantic Financial Group Ltd. for approximately $1.18 billion.