Southern Power, a subsidiary of The Southern Company SO and a leading U.S. wholesale energy provider, has entered into a Virtual Power Purchase Agreement (VPPA) with Keysight Technologies, Inc. KEYS to supply renewable energy credits. A 39 MW portion of the Phase III expansion will produce the energy credits to be supplied at Southern Power’s Millers Branch Solar Facility.
Benefits of VPPA
The VPPA will help Keysight achieve its target of generating renewable electricity equivalent to 100% of its electricity consumption in the United States and Canada. Keysight’s first-ever VPPA will also help it diminish the worst impact of climate change and achieve renewable electricity targets. The agreement will also help Keysight achieve the goal of net zero greenhouse gas emissions by the end of 2040.
An Insight Into SO’s Millers Branch Solar Facility
SO, currently carrying a Zacks Rank #3 (Hold), announced the acquisition of its 29th solar project, the Millers Branch Solar Facility, in September 2023. The 200-megawatt project in Haskell County, TX, was acquired from EDF Renewables. The second phase of the project’s expansion with an additional 180 megawatts was announced in May 2024.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The project is currently under Phase III expansion, which will account for an added 132 megawatts and bring the Millers Branch Solar Facility to a total generating capacity of 512 MW. The completion of the third phase will make Miller’s Branch the company’s largest solar facility, enhancing Southern Power's ability to deliver clean energy on a large scale.
Key Picks
Investors interested in the utility sector might look at some better-ranked stocks like PG&E Corporation PCG and Alliant Energy Corporation LNT.
San Francisco, CA-based PG&E Corporation is the parent holding company of Pacific Gas and Electric Company. The utility generates revenues mainly through the sale and delivery of electricity and natural gas to customers. The Zacks Consensus Estimate for PCG's 2024 earnings indicates 10.57% year-over-year growth.
Madison, WI-based Alliant Energy Corporation is a company engaged in regulated electric and natural gas services. The Zacks Consensus Estimate for LNT's 2024 earnings indicates 7.80% year-over-year growth.
Zacks' Research Chief Names "Stock Most Likely to Double"
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This top pick is among the most innovative financial firms. With a fast-growing customer base (already 50+ million) and a diverse set of cutting edge solutions, this stock is poised for big gains. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Free: See Our Top Stock And 4 Runners UpSouthern Company (The) (SO) : Free Stock Analysis Report
Pacific Gas & Electric Co. (PCG) : Free Stock Analysis Report
Alliant Energy Corporation (LNT) : Free Stock Analysis Report
Keysight Technologies Inc. (KEYS) : Free Stock Analysis Report
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
