Summary
Exelon Corporation, through its subsidiary Exelon Generation Company, LLC, announced on December 8, 2020, an agreement to sell its solar business to Brookfield Renewable Partners L.P. for $810 million. This divestiture includes approximately 360 megawatts of solar generation capacity, either operational or under construction, spread across nearly 600 sites nationwide. The sale is expected to close in the first half of 2021, subject to customary closing conditions. The proceeds from this sale will be utilized for general corporate purposes. Despite the sale of its solar generation assets, Exelon Generation affirmed its ongoing commitment to clean energy and its existing renewables portfolio. The company will continue to provide solar solutions to its commercial and industrial, as well as small business customers, through its Constellation business, leveraging its CORe and Efficiency Made Easy® products and its partnership model. This strategic move appears to focus Exelon's renewable energy efforts while capitalizing on the value of its solar development pipeline.
Key Highlights
- 1Exelon Generation to sell its solar business for $810 million to Brookfield Renewable Partners.
- 2The sale comprises 360 MW of solar generation across nearly 600 sites.
- 3Transaction is expected to be completed in the first half of 2021.
- 4Proceeds will be used for general corporate purposes.
- 5Exelon Generation will continue to offer solar solutions via its Constellation business.
- 6Approximately 60 employees from the solar business are expected to be retained by Brookfield Renewable.