Southern Power

What Southern Power does

Southern Power is the competitive wholesale power generation subsidiary of Southern Company, a publicly traded U.S. utility holding company (NYSE: SO). Founded in 2001 and headquartered in Atlanta, Southern Power develops, owns, and operates utility-scale renewable energy facilities — primarily wind and solar — and sells the output under long-term (15–25 year) power purchase agreements to investor-owned utilities, electric cooperatives, and commercial offtakers across multiple U.S. states including Oklahoma, South Dakota, Nevada, California, and Maine. Its portfolio is funded in significant part through green bonds, with approximately $3.516 billion in principal issued across four series between 2015 and 2021, making Southern Power one of the earliest and largest U.S. corporate green bond issuers.

The company's core technology stack is a fleet of utility-scale wind farms, solar facilities, and associated transmission interconnections rather than a software platform; generation assets include projects such as the Deuel Harvest Wind Farm (300 MW), Desert Stateline Solar (300 MW), Boulder Solar I (100 MW), Wildhorse Mountain Wind (100 MW), Grant Wind (151 MW), and Passadumkeag Windpark (42 MW). It benefits from being embedded in the broader Southern Company ecosystem, which includes regulated electric utilities (Alabama Power, Georgia Power, Mississippi Power), Southern Nuclear (operating Vogtle Units 3 & 4), Southern Company Gas (Atlanta Gas Light, Nicor Gas, Chattanooga Gas, Virginia Natural Gas), and adjacencies such as PowerSecure (microgrids, energy storage) and Southern Telecom.

Southern Power's revenue model is transaction-fee / contract-based: it earns contracted wholesale revenues from selling renewable generation and associated renewable energy credits under long-dated PPAs. Pricing is set bilaterally with offtakers rather than through regulated tariffs, and contracts include options for buyers to retain or resell renewable energy credits. The go-to-market motion is enterprise field sales targeting utility, cooperative, and federal counterparties, supported by Southern Company's capital markets access and sustainable financing capabilities that allow project-level debt to be raised at competitive ESG-linked rates.

Name

Southern Power

Legal name

Southern Company

Website

https://southerncompany.com

Company type

Public

Founded year

1945

Operating status

Operating

Headcount range

251–500 employees

Short description

Southern Power is the competitive wholesale renewable generation subsidiary of Southern Company, developing and operating utility-scale wind and solar facilities across the U.S. and selling output under long-term power purchase agreements to utilities, cooperatives, and commercial offtakers.

Ownership category

akta.pro rank

Product category

Wholesale Renewable Energy Generation

NAICS

Wind Electric Power Generation (221115), Solar Electric Power Generation (221114)

SIC

Electric Services (4911)

akta.pro primary industry

Commercial Structuring & Offtake (PPAs, CfDs, Corporate PPAs, Merchant Strategy) (EUAMAAAE)

akta.pro secondary industries

Contracted Wind Power Generation (PPA/CFD/FiT-backed) (EUACAFAJ), PPA Origination, Structuring & Offtake Contracting (Physical/Financial, Sleeves) (EUAMAMAD)

Keywords

• Wholesale power generation
• Renewable energy generation
• Wind energy facilities
• Solar energy facilities
• Green bond financing

Headquarters

HQ city

Atlanta

HQ country

United States

HQ region

North America

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Supply Chain

Revenue model

1. Regulated Electric Utility Revenue: Rate-regulated electricity generation, transmission, and distribution through subsidiary operating companies (Alabama Power, Georgia Power, Mississippi Power, Southern Power) under state public service commission oversight. Revenue is based on regulated rates that provide recovery of costs plus allowed return on equity.
2. Regulated Natural Gas Utility Revenue: Natural gas distribution and storage services through Southern Company Gas subsidiaries including Atlanta Gas Light, Chattanooga Gas, Nicor Gas, and Virginia Natural Gas. Revenue based on regulated rates approved by state regulatory commissions.
3. Competitive Wholesale Generation: Southern Power provides competitive wholesale generation across the United States with a portfolio of solar, wind, and other renewable energy facilities.
4. Sustainable Financing Bonds: Issuance of green, social, and sustainability bonds totaling $6.5 billion in principal amount as of December 31, 2025, supporting renewable energy projects and social initiatives.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

Southern Power develops, owns, and operates a competitive wholesale renewable energy generation portfolio across the United States, including utility-scale solar, wind, and other renewable energy facilities. The company sells wholesale electricity to investor-owned utilities, electric cooperatives, and commercial/government off-takers primarily through long-term Power Purchase Agreements (PPAs), and finances these renewable assets through a pioneering green bond issuance program (approximately $3.516 billion in cumulative green bond principal issued across Series 2015C/D, 2016A/B, 2016D/E, and 2021A).

Product overview

Southern Company is a vertically integrated, regulated utility holding company offering a portfolio of electric and natural gas services through its subsidiaries. The company operates through three main segments: traditional regulated electric utilities (Alabama Power, Georgia Power, Mississippi Power), natural gas distribution (Southern Company Gas with brands including Atlanta Gas Light, Nicor Gas, Chattanooga Gas, and Virginia Natural Gas), and competitive businesses (Southern Power for renewable generation, Southern Nuclear for nuclear operations, and PowerSecure for distributed infrastructure). Southern Company also offers sustainable financing products through green, social, and sustainability bonds totaling over $6.5 billion in issuances. The company's generating fleet includes nuclear, natural gas, coal, hydroelectric, and renewable energy assets. Clean energy solutions encompass electric vehicle charging infrastructure and hydrogen R&D efforts.

Differentiator

Problem solved

Functional benefit

Brands

• Southern Power Green Bonds: Green bond program by Southern Power for renewable energy project financing
• Equality Progress Sustainability Bond
• Glance and See
• PowerSecure

Products and services

• Wholesale Renewable Power Generation Competitive wholesale generation of electricity from utility-scale solar, wind, and renewable energy facilities, sold to investor-owned utilities, electric cooperatives, and commercial/government off-takers via long-term Power Purchase Agreements (typically 15-25 years). The customer is a utility, cooperative, or federal entity that needs large-scale renewable supply to meet regulatory and sustainability mandates.
• Southern Power Green Bonds Green bond debt securities issued by Southern Power with proceeds allocated to eligible renewable energy projects including wind and solar facilities. Investors receive bond returns while financing renewable generation development.

Quantifiable outcome

• Powering more than 1 million homes and businesses with carbon-free nuclear energy from Plant Vogtle
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

13 partnerships are on record, tiered minor and core.

• The Home DepotminorGTM or Marketing Partner · 1 January 2025Co-Host City Supporter for FIFA World Cup 2026 Atlanta, leveraging city-specific marketing materials and engaging in local FIFA Fan Festivals and match-related community events.
• Cox EnterprisesminorGTM or Marketing Partner · 1 January 2025Co-Host City Supporter for FIFA World Cup 2026 Atlanta in the groundbreaking Host City Supporter program.
• Georgia-PacificminorGTM or Marketing Partner · 1 January 2025Co-Host City Supporter for FIFA World Cup 2026 Atlanta in the groundbreaking Host City Supporter program.
• Genuine Parts Company/NAPAminorGTM or Marketing Partner · 1 January 2025Co-Host City Supporter for FIFA World Cup 2026 Atlanta in the groundbreaking Host City Supporter program.
• Arkansas Electric Cooperative Corporation (AECC)coreStrategic or Co-development Partner20-year power purchase agreement for Wildhorse Mountain Wind Facility (100 MW) in Oklahoma. AECC has the option to keep or sell associated renewable energy credits.
• Great River EnergycoreStrategic or Co-development Partner25-year power purchase agreement for Deuel Harvest Wind Farm (300 MW) in South Dakota.
• Northern States Power Company (Xcel Energy subsidiary)coreStrategic or Co-development Partner15-year power purchase agreement for Deuel Harvest Wind Farm (300 MW) in South Dakota.
• NV EnergycoreStrategic or Co-development Partner20-year power purchase agreement for Boulder Solar I Facility (100 MW, 51 MW equity interest) in Nevada.
• Western Farmers Electric CooperativecoreStrategic or Co-development Partner20-year power purchase agreement for Grant Wind Facility (151 MW) in Oklahoma.
• Southern California EdisoncoreStrategic or Co-development Partner20-year power purchase agreement for Desert Stateline Solar Facility (300 MW, 197 MW equity interest) in California.
• Eversource EnergycoreStrategic or Co-development Partner15-year power purchase agreement for Passadumkeag Windpark (42 MW) in Maine.
• U.S. Air Force (Robins Air Force Base)coreStrategic or Co-development PartnerSelf-owned solar facility (128 MW) at Robins Air Force Base, Georgia, in-service April 2021. Part of Georgia Power's sustainability bond allocation.
• U.S. Air Force (Moody Air Force Base)coreStrategic or Co-development PartnerSelf-owned solar facility (50 MW) at Moody Air Force Base, Georgia, in-service June 2020. Part of Georgia Power's sustainability bond allocation.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Invenergy: Private U.S.-based renewable energy developer and IPP operating wind, solar, and storage assets under long-term PPAs. Closely comparable in business model as a competitive wholesale renewable generation developer competing for the same utility/corporate PPA counterparties as Southern Power.
• NextEra Energy Resources: The largest U.S. renewable energy IPP and the closest direct competitor to Southern Power, operating utility-scale wind, solar, and storage assets sold under long-term PPAs to utilities and corporates. Comparable business model of owning contracted renewable assets funded through project-level debt and corporate capital.
• Pattern Energy Group: Renewable IPP owning and operating wind and solar projects under long-term PPAs across North America, now owned by Canada Pension Plan Investment Board. Comparable PPA-backed operating model and capital structure to Southern Power.
• Brookfield Renewable Partners: NYSE-listed pure-play renewables platform (wind, solar, hydro, storage) selling contracted clean energy across the Americas. Operates an analogous PPA-based IPP model with project-level green/sustainable financing programs.
• Clearway Energy: NYSE-listed renewable IPP with a portfolio of contracted wind, solar, and storage assets. Closely analogous business model to Southern Power's PPA-based renewable generation operating company.
• EDP Renewables: Global renewable energy IPP owned by EDP, developing and operating wind and solar projects sold under PPAs across North America. Direct peer with overlapping customer base (utilities, corporates, cooperatives) and analogous project finance / green bond funding model.

Broad incumbents

• Duke Energy Renewables: Renewable generation subsidiary of Duke Energy, one of the largest regulated U.S. utilities. Comparable in offering utility-scale wind/solar under long-term PPAs and in being a sister subsidiary to regulated electric utilities similar to Southern Power's role within Southern Company.
• Xcel Energy: Large regulated U.S. utility with substantial renewable generation and an existing PPA counterparty relationship with Southern Power (Northern States Power at Deuel Harvest Wind Farm). Comparable through its regulated utility model plus utility-scale renewable procurement.
• AEP Renewables: Renewable energy subsidiary of American Electric Power, operating wind and solar projects and a competitive generation arm. Comparable business model as a utility-affiliated renewable IPP; included as a relevant utility-renewables hybrid comparable.
• AES Corporation: Diversified U.S. power generation and utility owner with significant renewable (wind/solar/storage) and thermal generation businesses and a customer-solutions arm. Comparable through its competitive renewable generation arm and adjacent gas/utility operations, though broader in scope than Southern Power.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/southernpowerco
• YouTubeyoutube.com/user/socompany
• Facebookfacebook.com/SOCompany
• LinkedInlinkedin.com/company/southern-company
• Instagraminstagram.com/southerncompany

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Southern Power