Fitch assigns BBB+ to Southern Power notes

Fitch Ratings said it assigned a BBB+ rating to Southern Power Co.'s $500 million series 2015C 4.15% senior notes due Dec. 1, 2025, and $500 million series 2015D 1.85% senior notes due Dec. 1, 2017.

The notes are unsecured and unsubordinated obligations of Southern Power.

Issued as “green bonds,” the net proceeds will be used to fund Southern Power's investments in renewable energy generation, namely solar and wind power generation projects. The principal and interest payments on the notes will not be directly tied to the performance of any eligible renewable generation projects but will be made from Southern Power's general funds. The company plans to update investors via a webpage regarding the allocation of net proceeds from these issuances as well as provide an attestation report from an independent accountant.

Pending allocation of net proceeds to eligible renewable generation projects, the company will use a portion of the net proceeds to repay a portion of outstanding debt.

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