May 02, 2011
Constellation Energy to Acquire 30 MW Solar Installation in Sacramento
Constellation Energy (NYSE: CEG) today announced that it acquired a 30-megawatt DC (25-megawatt AC) solar generation project in Sacramento, Calif., from utility-grade photovoltaic power plant developer Belectric, Inc.
BALTIMORE, MD – Constellation Energy (NYSE: CEG) today announced that it acquired a 30-megawatt DC (25-megawatt AC) solar generation project in Sacramento, Calif., from utility-grade photovoltaic power plant developer Belectric, Inc. The system will be comprised of approximately 381,000 First Solar thin film photovoltaic panels, ground-mounted at multiple sites near the city of Sacramento. Constellation Energy will own and operate the system and sell the electricity generated from it to the Sacramento Municipal Utility District (SMUD) under ten, 20-year power purchase agreements. The project is anticipated to be commercially operational by the end of 2011.
The transaction was arranged by Smart Energy Capital, LLC, a finance and investment company located in White Plains, N.Y., focused exclusively on the North American solar photovoltaic industry.
“This utility-scale generation project is an attractive opportunity for Constellation Energy to grow its existing solar portfolio,” said Andrew Good, senior vice president of corporate strategy and development for Constellation Energy. “We’re excited to invest in this project, which will help provide a long-term source of clean and emissions-free electricity to more than half a million customers in SMUD’s service territory.”
“Belectric is proud to be working with Constellation on this project, among the first to be installed under SMUD’s feed-in tariff program,” said David Taggart, president and COO of Belectric, Inc. “For the past 18 months, the Belectric Team has worked closely with SMUD, Sacramento County and local land owners to develop this project, which clearly demonstrates the competitiveness of Belectric’s integrated thin film PV system design. The installation of these power plants will create local jobs and generate clean power for the Sacramento region. Based on the great experience we have had with both Constellation and Smart Energy, we look forward to further collaboration.”
With this latest acquisition, Constellation Energy currently owns and operates approximately 95 megawatts of solar installations that have been completed or are under construction throughout the United States.
About Constellation Energy
Constellation Energy is a leading competitive supplier of power, natural gas and energy products and services for homes and businesses across the continental United States. It owns a diversified fleet of generating units, totaling approximately 12,000 megawatts of generating capacity, and is a leading advocate for clean, environmentally sustainable energy sources, such as solar power and nuclear energy. The company delivers electricity and natural gas through the Baltimore Gas and Electric Company (BGE), its regulated utility in Central Maryland. A FORTUNE 500 company headquartered in Baltimore, Constellation Energy had revenues of $14.3 billion in 2010. Learn more online: www.constellation.com.
About Belectric, Inc.
Belectric, Inc. (www.belectric-usa.com), based in Newark, Calif., is the North American arm of the global Belectric organization, ranked the largest systems integrator worldwide with 330MW of PV power plants installed in 2010. Belectric, Inc., is setting new standards for the way photovoltaic power plants are developed, designed, installed, operated, and maintained, having installed the first UL compliant high voltage PV plant in the U.S. in 2010. With a singular focus on utility-grade, grid-connected PV power plants, Belectric takes a comprehensive approach to systems integration, cost-effective design and installation processes, and building mutually beneficial relationships with its partners. Belectric is committed to delivering turn-key solar power plants that provide the long-term performance and reliability required by its customers, at costs competitive with conventional power: a better electric!
As the nation’s sixth largest publicly owned utility, SMUD has been providing low-cost, reliable electricity for more than 60 years to Sacramento County (and a small portion of Placer County). SMUD is a recognized industry leader and award winner for its innovative energy efficiency programs, renewable power technologies, and for its sustainable solutions for a healthier environment. SMUD is the first large California utility to receive more than 20 percent of its energy from renewable resources. The SMUD feed-in tariff program is designed to make it easier for power-generating customers to do business with the utility, removing barriers to interconnection by providing standard rates and contract conditions. The program’s 100-megawatt capacity is fully subscribed and is no longer taking applications. For more information, visit smud.org.