Summary
Exelon Corporation (EXC), through its wholly owned subsidiary Exelon Generation Company, LLC, announced the finalization of its ownership of the Antelope Valley Solar Ranch One project. This 230-megawatt (MW) solar photovoltaic (PV) project, located in Los Angeles County, California, is under development by First Solar. The completion of Exelon Generation's acquisition was contingent on the initial funding of a loan guarantee from the U.S. Department of Energy's Loan Programs Office. On April 5, 2012, the legal entity owning the project received the first loan advance, thereby finalizing Exelon Generation's ownership. Construction of the solar project has commenced, with initial portions expected to become operational in late 2012 and full operational capacity anticipated by late 2013. This move signifies Exelon's continued investment in renewable energy infrastructure, expanding its portfolio in the solar power sector. Investors will want to monitor the project's development, operational ramp-up, and its contribution to Exelon's overall generation mix and financial performance.
Key Highlights
- 1Exelon Generation finalized its acquisition of the Antelope Valley Solar Ranch One project, a 230 MW solar PV facility.
- 2The project is located in northern Los Angeles County, California.
- 3Acquisition finalization was dependent on the initial funding of a U.S. Department of Energy loan guarantee of up to $646 million.
- 4The first loan advance was received on April 5, 2012, completing the ownership transfer.
- 5First Solar developed, and will build and operate the project.
- 6Construction is underway, with initial power expected in late 2012 and full operation in late 2013.