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.