Georgia Power continues renewable energy growth by awarding largest distributed generation solar procurement in company's history

Georgia Power (NYSE: SO) awarded the final contracts in its largest distributed generation solar procurement, adding more than 110 MW of new third-party solar capacity.

Rhea-AI Summary

Georgia Power (NYSE: SO) awarded the final contracts in its largest distributed generation solar procurement, adding more than 110 MW of new third-party solar capacity.

The company moved forward 16 contracts totaling 70 MW from the 2024 DG RFP, following 12 contracts (41 MW) approved and completed in 2024. Georgia Power plans two additional 50 MW DG RFPs for 2026 and 2027, targeting online projects by 2028, and seeks to grow its renewable portfolio to 10,000 MW by 2032.

Positive

• Largest DG procurement in company history at over 110 MW
• 16 new contracts totaling 70 MW approved from the 2024 distributed generation RFP
• Company targets 10,000 MW renewable portfolio by 2032 with 4,900 MW online and 5,100 MW under development

Negative

• Planned >100 MW of future DG capacity and 2028 online targets are forward-looking and subject to approvals and construction risks

Argus Mar 24 session

+0.25% close to close Open Argus

Details

News Market Reaction – SO

In the Mar 24 session, SO gained 0.25%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details Georgia Power’s largest distributed generation solar procurement, adding m...

Analysis

This announcement details Georgia Power’s largest distributed generation solar procurement, adding more than 110 MW of new capacity and supporting a plan to reach 10,000 MW of renewables by 2032. It builds on PSC‑approved plans from the 2022 and 2025 Integrated Resource Plans. In context of Southern Company’s recent DOE loan guarantees and sizable capital program, investors may watch approval processes, project execution, and how these DG additions integrate into long-term rate and earnings frameworks.

Key Figures

New DG solar capacity: 70 MW Additional DG solar 2024: 41 MW Total new DG solar: 110+ MW +5 more

New DG solar capacity

70 MW

2024 distributed generation RFP contracts approved by PSC

Additional DG solar 2024

41 MW

Previously approved 2024 DG contracts already completed

Total new DG solar

110+ MW

Largest distributed generation solar procurement in company history

Contract count 2024 RFP

16 contracts

New third-party DG solar agreements approved by PSC

Prior DG contracts

12 contracts

Additional DG solar contracts approved and completed in 2024

Project size range

250 kW to 6 MW

Size of DG solar projects in Georgia Power RFPs

Current renewables online

4,900 MW

Renewable resources already online in Georgia Power portfolio

Renewables under development

5,100 MW

Additional renewable resources under development

Historical Context

5 past events · Latest: Mar 17

5 events

1. Mar 17

   Education grant support

   24h Move

   -0.8%

   ACT Grant funding improved new teacher retention in Newport News schools.

2. Mar 17

   Public safety comms deal

   24h Move

   -0.8%

   Southern Linc integrated radio systems for Blount County public safety agencies.

3. Mar 04

   Leadership appointment

   24h Move

   +0.9%

   Mississippi Power named a new VP for Customer Solutions and Communications.

4. Feb 25

   DOE loan guarantees

   24h Move

   +0.1%

   Company received up to $26.54B in DOE guarantees for grid projects.

5. Feb 19

   Earnings release

   24h Move

   +4.4%

   Reported 2025 earnings with higher revenues and detailed adjusted net income.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

distributed generation, power purchase agreements, integrated resource plan, request for proposals, +1 more

5 terms

distributed generation technical

"largest set of distributed generation (DG) solar power purchase agreements"

Electricity produced close to where it is used rather than at a large, central power plant—examples include rooftop solar, small wind turbines, and local gas generators. For investors, distributed generation matters because it can change how power is bought and sold, reduce demand for traditional utility services, create new revenue streams for installers and technology providers, and expose assets to different regulatory and reliability risks, like a neighborhood adding many home solar systems.

power purchase agreements financial

"largest set of distributed generation (DG) solar power purchase agreements in company history"

A power purchase agreement is a long-term contract in which a buyer agrees to purchase electricity from a specific generator at a set price and schedule, much like a multi-year subscription for energy. For investors, these contracts matter because they lock in predictable revenue and price terms, reducing exposure to volatile wholesale power markets and making project cash flows and financing risks easier to evaluate.

integrated resource plan regulatory

"originally proposed by Georgia Power and approved by the PSC as a part of the 2022 Integrated Resource Plan (IRP)"

An integrated resource plan is a utility’s long-term roadmap showing how it will meet future electricity needs using a mix of power sources, energy efficiency, demand reductions and storage while balancing cost, reliability and regulatory requirements. Like a household budget that plans income, bills and savings, the plan reveals expected investments, operating costs and risks, so investors use it to assess future capital spending, potential rate changes and long-term profitability.

request for proposals technical

"2024 distributed generation request for proposals (RFP)"

A request for proposals (RFP) is a formal, written invitation a company or government issues when it wants outside firms to bid on supplying goods, services, or projects; think of it as advertising a job and asking qualified vendors to submit detailed offers. For investors, an RFP matters because it signals potential new revenue, shifts in costs, or changes in competitive position—winning a large RFP can boost future sales, while losing or delayed awards can create execution risk.

voluntary renewable portfolio technical

"Georgia Power has one of the largest voluntary renewable portfolios in the country"

A voluntary renewable portfolio is a company’s self-directed pledge to obtain a portion of its energy from renewable sources (like wind, solar or hydro) beyond any legal requirements. For investors it signals management’s approach to future costs and reputation—similar to a household choosing to buy organic food to reduce risk and appeal to buyers—because it can lower exposure to fuel price swings, unlock green incentives, and affect customer or regulator perception.

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More than 110 megawatts of new solar generation to be added to meet energy demands of a growing Georgia; Resources originally approved in 2022 Integrated Resource Plan

ATLANTA, March 24, 2026 /PRNewswire/ -- Georgia Power has awarded the final contracts in the largest set of distributed generation (DG) solar power purchase agreements in company history. Thanks to the Georgia Public Service Commission's (PSC) recent approval, 16 new contracts, totaling 70 megawatts (MW) of new third-party solar, are moving forward as a part of the 2024 distributed generation request for proposals (RFP). These agreements build on the momentum from 2024, when an additional 12 contracts were approved and completed, adding another 41 MW of new DG solar to the system. Altogether, this represents the largest DG procurement Georgia Power has ever completed, with more than 110 MW of new solar coming online. This program, that is delivering real benefits for customers and communities across the state, was originally proposed by Georgia Power and approved by the PSC as a part of the 2022 Integrated Resource Plan (IRP).

"Georgia continues to grow and experience an increased demand for electricity, driven by a strong economy and robust economic development activities. This milestone underscores how distributed generation solar is helping us deliver clean and reliable energy for our customers through effective long-term planning with the Georgia PSC," said Rick Anderson, senior vice president and senior production officer for Georgia Power. "By working with solar developers across the state, we're expanding access to cost-effective renewable resources while strengthening Georgia's energy infrastructure, maintaining reliability and keeping energy affordable for millions of Georgians."

Georgia Power's distributed generation RFPs give solar developers an opportunity to commit to long-term power purchase agreements for projects ranging from 250 kilowatts (kW) to 6 MW. These RFPs play an important role in the company's long-term renewable strategy, helping to bring more clean energy onto the grid through a competitive process that delivers value to all Georgia Power customers. Under this program, third-party developers build and maintain solar facilities, and Georgia Power purchases 100% of the renewable energy they produce. This approach not only supports continued growth in clean energy but also helps maintain flexibility as market conditions evolve, allowing the company to continue to provide reliable and affordable carbon-free energy to communities across the state.

Over the next two years, Georgia Power will seek an additional 100+ MW of solar distributed generation in an effort to expand Georgia Power's solar portfolio. Approved in the 2025 Integrated Resource Plan, two additional distributed generation RFPs with a target of 50 MW each will be released for bid in 2026 and 2027. These projects are expected to be online and generating much needed energy by 2028.

Adding Renewable Energy to a Diverse Generation Mix & Customer Programs
Georgia has long been recognized as a national leader in responsible solar development, regularly ranking in the Top 10 states for solar growth by the Solar Energy Industries Association. Working closely with the Georgia PSC, Georgia Power has continued to grow its voluntary solar portfolio in a thoughtful way, one that supports clean energy expansion without compromising reliability or increasing costs for customers. Georgia Power has one of the largest voluntary renewable portfolios in the country, with more than 4,900 MW of renewable resources already online and an additional 5,100 MW under development. Looking ahead, the company is planning to increase its renewable resource portfolio to 10,000 MW by 2032.

Beyond developing large-scale renewable generation resources as part of a broader diverse energy mix, Georgia Power also offers a variety of programs to help both business and residential customers explore solar options. Visit www.GeorgiaPower.com to learn about programs such as Simple Solar, which allows customers to pay a little more to support solar growth, as well as community solar, which allows customers to subscribe to a portion of a local solar energy facility. The company also provides interactive tools on the website to help customers explore their options and determine if solar is right for them.

About Georgia Power
Georgia Power is the largest electric subsidiary of Southern Company (NYSE: SO), America's premier energy company. Value, Reliability, Customer Service and Stewardship are the cornerstones of the company's promise to 2.8 million customers in all but four of Georgia's 159 counties. Committed to delivering clean, safe, reliable and affordable energy, Georgia Power maintains a diverse, innovative generation mix that includes nuclear, coal and natural gas, as well as renewables such as solar, hydroelectric and wind. Georgia Power offers rates below the national average, focuses on delivering world-class service to its customers every day and the company is recognized by J.D. Power as an industry leader in customer satisfaction. For more information, visit www.GeorgiaPower.com and connect with the company on Facebook (Facebook.com/GeorgiaPower), X (X.com/GeorgiaPower) and Instagram (Instagram.com/ga_power).

Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this release is forward-looking information based on current expectations and plans that involve risks and uncertainties. Forward-looking information includes, among other things, statements concerning planned renewable growth and expected project completion dates. Georgia Power cautions that there are certain factors that can cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of Georgia Power; accordingly, there can be no assurance that such suggested results will be realized. The following factors, in addition to those discussed in Georgia Power's Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: the impact of recent and future federal and state legal and regulatory changes, as well as changes in application of existing laws, regulations and guidance; current and future litigation or regulatory investigations, proceedings, or inquiries; variations in demand for electricity; the ability to control costs and avoid cost and schedule overruns during the development, construction, and operation of facilities or other projects; legal proceedings and regulatory approvals and actions related to past, ongoing, and proposed construction projects, including state public service commission approvals; the ability to construct facilities in accordance with the requirements of permits and licenses, to satisfy any environmental performance standards and the requirements of tax credits and other incentives, and to integrate facilities into the Southern Company system upon completion of construction; advances in technology; performance of counterparties under ongoing renewable energy partnerships and development agreements; state and federal rate regulations and the impact of pending and future rate cases and negotiations; the ability to successfully operate Georgia Power's generation, transmission, distribution, and battery energy storage facilities and the successful performance of necessary corporate functions; the inherent risks involved in generation, transmission, and distribution of electricity, including accidents, explosions, fires, mechanical problems, discharges or releases of toxic or hazardous substances or gases, and other environmental risks; the ability of counterparties of Georgia Power to make payments as and when due and to perform as required; the direct or indirect effect on Georgia Power's business resulting from cyber intrusion or physical attack and the threat of cyber and physical attacks; global and U.S. economic conditions, including impacts from geopolitical conflicts, recession, inflation, changes in trade policies (including tariffs and other trade measures) of the United States and other countries, interest rate fluctuations, and financial market conditions, and the results of financing efforts; access to capital markets and other financing sources; and catastrophic events such as fires, including wildfires, land movement, earthquakes, explosions, floods, high winds, tornadoes, hurricanes and other storms, solar flares, droughts, future epidemic or pandemic health events, wars, political unrest, or other similar occurrences. Georgia Power expressly disclaims any obligation to update any forward-looking information.

View original content to download multimedia:https://www.prnewswire.com/news-releases/georgia-power-continues-renewable-energy-growth-by-awarding-largest-distributed-generation-solar-procurement-in-companys-history-302723433.html

SOURCE Georgia Power

FAQ

How much new solar capacity did Georgia Power (SO) procure in the 2024 distributed generation program?

Georgia Power procured more than 110 MW of new distributed generation solar capacity in total. According to Georgia Power, that includes 70 MW from 16 contracts approved in 2026 and a prior 41 MW from 12 contracts completed in 2024.

What are the details of the 16 contracts Georgia Power (SO) approved on March 24, 2026?

The 16 contracts approved total 70 MW of third-party solar under the 2024 DG RFP. According to Georgia Power, these are long-term power purchase agreements covering projects sized between 250 kW and 6 MW.

When does Georgia Power (SO) expect the next distributed generation RFPs and additional capacity online?

Georgia Power plans two additional DG RFPs targeting 50 MW each to be released in 2026 and 2027. According to Georgia Power, those projects are expected to be online and generating by 2028, subject to development and approvals.

How does the DG procurement affect Georgia Power's renewable capacity goals for SO stock investors?

The DG awards advance the company toward its goal of 10,000 MW of renewables by 2032. According to Georgia Power, the utility currently has 4,900 MW online and 5,100 MW under development toward that target.

What types of customer programs and options does Georgia Power (SO) offer related to solar?

Georgia Power offers programs like Simple Solar and community solar subscriptions to expand customer access to solar. According to Georgia Power, these programs let customers support solar growth or subscribe to local facilities for shared renewable output.

Will Georgia Power (SO) own the new distributed generation solar facilities?

No; third-party developers will build and maintain the DG solar facilities while Georgia Power purchases 100% of the renewable energy they produce. According to Georgia Power, this structure uses long-term power purchase agreements with competitive bidding.