Georgia Power gets 1,137 MW of solar approved, but the first projects do not arrive until 2029

Georgia Power, the electric utility subsidiary of The Southern Company (NYSE: SO), has received Georgia Public Service Commission approval for seven solar power purchase agreements totaling 1,137 MW through its CARES 2023 and CARES 2025 procurement programmes. The projects range from 78 MW in Appling County to 200 MW each in Sumter and Irwin counties and are expected to begin commercial operation as early as 2029. Georgia Power says the CARES structure allows eligible customers to subscribe to a pro-rata share of participating renewable generation, while the PPAs add fixed-price renewable supply to its broader resource portfolio. The scale is substantial, but the start date means the approvals do not provide immediate capacity for the strong electricity-demand growth Georgia is experiencing today.

The new approval follows 1,068 MW of CARES 2023 projects approved in September 2025, bringing the two disclosed approval waves to 2,205 MW on a simple combined basis. Georgia Power has also opened enrollment for a Customer Identified Resource version of CARES approved for as much as another 3,000 MW of renewable projects. These figures show a much larger renewable pipeline than the seven newly approved PPAs alone, although potential CARES CIR capacity should not be treated as contracted generation until specific projects progress through participation and approval.

How much solar capacity has Georgia Power assembled through the recent CARES procurement waves?

The latest seven projects contribute 1,137 MW spread across Appling, Decatur, Jefferson, Sumter, Warren, Emanuel and Irwin counties. Added to the 1,068 MW approved in September 2025, the two recent waves total 2,205 MW of approved solar PPAs.

That total is materially larger than Georgia Power’s current portfolio of company-operated solar facilities considered individually. The utility describes a range of existing solar farms and demonstration projects, including a 128 MW facility at Robins Air Force Base, but the CARES procurements use long-term power purchase arrangements rather than requiring Georgia Power to own every new generating asset directly.

A PPA structure changes the allocation of project risk. Developers are generally responsible for financing, construction and operation of their projects, while Georgia Power contracts to purchase output under agreed terms. That can allow a utility to expand renewable supply without putting the same amount of generation investment directly onto its regulated asset base.

The missing number is contract pricing. Georgia Power says the resources provide fixed-price energy designed to benefit customers, but individual PPA prices and total contractual payment obligations were not disclosed. That prevents an outside calculation of the cost per megawatt-hour or a direct comparison with new gas, nuclear or storage resources.

Why does the 2029 commercial-operation date matter as Georgia electricity demand accelerates?

Georgia Power’s electricity demand is already being influenced by large commercial loads. Southern Company’s second-quarter filing shows weather-adjusted commercial electricity sales increased 7.4% year on year, largely driven by data centers at Georgia Power. That is a much faster demand signal than a conventional mature utility would normally experience from ordinary customer growth alone.

The new solar PPAs cannot address the immediate portion of that growth because the projects are expected to start operation only from 2029. Georgia Power therefore needs sufficient existing generation, purchased power, transmission capacity and nearer-term resources to maintain reliability during the intervening years.

This timing distinction becomes increasingly important as data centers and advanced manufacturing projects request large amounts of firm power. Solar can add substantial annual energy at relatively low operating cost, but its output varies with daylight and weather, requiring the wider system to maintain other resources or storage capable of serving customers when solar production is low.

The 2029 start dates should consequently be interpreted as medium-term portfolio development rather than an immediate answer to Georgia’s current large-load requirements. The projects add diversity to the future generation mix while the utility simultaneously expands the rest of its system.

Why could customer subscription demand make CARES different from a conventional renewable procurement?

CARES is designed so eligible subscribers can purchase a pro-rata share of renewable production to support corporate sustainability objectives. That allows Georgia Power to connect renewable procurement with customer demand instead of adding every project solely through general system planning.

Large technology, logistics and manufacturing companies increasingly set internal renewable-energy targets, and access to utility-approved renewable programmes can influence where those companies locate facilities. A regulated subscription product can allow customers to support new generation while remaining within the utility service framework rather than negotiating every project independently.

The CARES Customer Identified Resource programme takes that model further by allowing eligible commercial and industrial customers to identify renewable projects for potential participation. Georgia Power has regulatory authority for up to 3,000 additional MW through that mechanism.

That 3,000 MW represents potential programme capacity, not an awarded construction pipeline. The economically useful future disclosures will be actual projects, subscription commitments, PPA pricing and commercial-operation dates.

Can Georgia Power absorb the scale of new investment while maintaining strong earnings?

Georgia Power reported second-quarter 2026 operating revenue of $3.133 billion, up 0.7% from $3.110 billion a year earlier. Net income available to common shareholders increased 28.3% to $779 million, while capital expenditure reached $2.173 billion during the quarter compared with $1.676 billion a year earlier.

Those figures show a utility already operating through a substantial capital-investment cycle. The new solar projects use PPAs, meaning their full construction cost is not equivalent to direct Georgia Power capital expenditure, but the utility still needs transmission, distribution and other infrastructure capable of integrating new generation and serving growing loads.

Southern Company itself reported second-quarter earnings of $1.174 billion and adjusted earnings of $1.289 billion, giving the parent a broad financial base across regulated utilities and energy infrastructure.

Georgia Power’s current growth profile therefore has two sides. Higher customer demand can support revenue and regulated investment, but rapid load growth also increases the amount of generation and network capacity the company must secure before shortages or connection delays become constraints.

What did Southern Company shares do as the solar approvals were announced?

Southern Company shares closed at $87.75 on September 10, down 0.67% for the session from $88.34. The S&P 500 fell about 0.58% on the same day, placing Southern’s move broadly within a weak United States market session rather than showing an obvious isolated response to the solar announcement.

The stock was only around 1.1% below its September 3 close of $88.77, indicating relatively limited movement across the preceding week despite broader market volatility.

The solar approvals are unlikely to determine Southern Company valuation independently because the parent operates a much larger regulated utility portfolio. The more consequential factors include load growth, regulatory returns, financing costs and the capital required to serve new customers.

For Georgia Power specifically, the next renewable milestones are clearer. Developers need to advance the seven projects toward construction and commercial operation, while the CARES CIR programme needs to convert its 3,000 MW authorization into specific resources. Those outcomes will show how quickly the renewable pipeline can become operating supply.

Key takeaways on Georgia Power’s 1,137 MW solar approval

• Georgia Power received approval for seven solar PPAs totaling 1,137 MW.
• The projects are located across seven Georgia counties.
• Commercial operation is expected to begin as early as 2029.
• A previous CARES approval wave covered 1,068 MW.
• Together, the two disclosed waves total 2,205 MW.
• CARES allows eligible customers to subscribe to renewable generation.
• CARES CIR is authorized for up to another 3,000 MW of potential renewable projects.
• Individual PPA prices were not disclosed.
• Georgia Power’s weather-adjusted commercial electricity sales rose 7.4% in Q2, largely driven by data centers.
• The 2029 timing means the approved solar projects are a medium-term resource rather than an immediate solution to current load growth.