Southern Nears Sale of One-Third Stake in Its Solar Portfolio

(Bloomberg) -- Southern Co. expects to announce the sale of a minority interest in its solar portfolio this quarter as it seeks to raise cash to pay for a nuclear power plant and other projects.

The Atlanta-based utility owner plans to name a buyer in the “next couple of months” for the one-third stake in its 1.7-gigawatt solar holdings, Chief Executive Officer Tom Fanning said Monday on the sidelines of the Bloomberg New Energy Finance Future of Energy Summit. Fanning declined to comment on the number of bidders or a potential valuation of the sale.

A sale would come after a major buying spree by Southern of solar and wind farms across the U.S. In parts of 2015 and 2016, it was among the most prolific buyers of such assets.

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