UPDATE: Exelon to Expand Its Clean Energy Fleet with Acquisition of 230-Megawatt Solar Photovoltaic Project from First Solar

Exelon Corporation

today announced its acquisition of Antelope Valley Solar Ranch One, a 230-megawatt solar photovoltaic project under development in northern Los Angeles County, Calif., from First Solar, which developed and will build, operate, and maintain the project. Construction has started, with the first portion of the site expected to come online in late 2012 and full operation planned for late 2013. When fully operational, AV Solar Ranch One will be one of the largest PV solar projects in the world, with approximately 3.8 million solar panels generating enough clean, renewable electricity to power the equivalent of 75,000 average homes per year. The project has a 25-year power purchase agreement, approved by the California Public Utilities Commission, with Pacific Gas & Electric for the full output of the plant. Exelon expects the total investment of up to $1.36 billion to be accretive to earnings beginning in 2013 and free cash flow accretive starting in 2013. The project is value accretive, and will have stable earnings and cash flow profiles due to the PPA. Exelon expects to invest up to $713 million in equity in the project through 2013.