Exelon-owned solar photovoltaic project will be one of world's
largest
CHICAGO & TEMPE, Ariz.--(BUSINESS WIRE)--
Exelon Corporation (NYSE: EXC) and First Solar, Inc. (Nasdaq: FSLR)
today announced that the Antelope Valley Solar Ranch One project has
received the first advance of a loan guaranteed by the U.S. Department
of Energy's Loan Programs Office, finalizing Exelon's ownership of the
project.
First Solar is constructing the 230-megawatt photovoltaic power project
— one of the largest such projects in the world — in northern Los
Angeles County and will operate and maintain the project for Exelon. As
Exelon and First Solar previously announced, the first portion of the
project is expected to come online in late 2012, with full operation
planned for late 2013.
AV Solar Ranch One will generate enough electricity to power the
equivalent of 75,000 average California homes — with no water use, no
air emissions and no waste production — displacing approximately 140,000
metric tons of carbon emissions per year, the equivalent of taking
approximately 30,000 cars off the road. The project has a 25-year power
purchase agreement, approved by the California Public Utilities
Commission, with Pacific Gas & Electric Company for the full output of
the plant.
About Exelon
Exelon Corporation is the nation's leading competitive energy
provider, with approximately $33 billion in annual revenues.
Headquartered in Chicago, Exelon has operations and business activities
in 47 states, the District of Columbia and Canada. Exelon is the largest
competitive U.S. power generator, with approximately 35,000 megawatts of
owned capacity comprising one of the nation's cleanest and lowest-cost
power generation fleets. The company's Constellation business unit
provides energy products and services to approximately 100,000 business
and public sector customers and approximately 1 million residential
customers. Exelon's utilities deliver electricity and natural gas to
approximately 6.6 million customers in central Maryland (BGE), northern
Illinois (ComEd) and southeastern Pennsylvania (PECO). Learn more at: www.exeloncorp.com.
About First Solar, Inc.
First Solar manufactures solar modules with an advanced semiconductor
technology, and is a premier provider of comprehensive photovoltaic (PV)
system solutions. The company is delivering an economically viable
alternative to fossil-fuel generation today. From raw material sourcing
through end-of-life collection and recycling, First Solar is focused on
creating value-driven renewable energy solutions that protect and
enhance the environment. For more information about First Solar, please
visit www.firstsolar.com.
Exelon Cautionary Statements Regarding Forward-Looking Information
This press release includes forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 that are
subject to risks and uncertainties. The factors that could cause actual
results to differ materially from these forward-looking statements
include those discussed herein as well as those discussed in (1) Exelon
Corporation's (Exelon) 2011 Annual Report on Form 10-K in (a) ITEM 1A.
Risk Factors, (b) ITEM 7. Management's Discussion and Analysis of
Financial Condition and Results of Operations, and (c) ITEM 8. Financial
Statements and Supplementary Data: Note 18; (2) Constellation Energy
Group, Inc.'s 2011 Annual Report on Form 10-K in (a) ITEM 1A. Risk
Factors, (b) ITEM 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations, and (c) ITEM 8. Financial
Statements and Supplementary Data: Note 12; and (3) other factors
discussed in filings with the Securities and Exchange Commission by
Exelon, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas
and Electric Company, and Exelon Generation Company, LLC (Companies).
Readers are cautioned not to place undue reliance on these
forward-looking statements, which apply only as of the date of this
press release. None of the Companies undertakes any obligation to
publicly release any revision to its forward-looking statements to
reflect events or circumstances after the date of this press release.
For First Solar Investors
As a result of this initial loan funding, First Solar's potential
repurchase obligation referred to in its September 30, 2011 Form 8-K is
of no further force or effect, and First Solar expects to begin
recognizing revenue from the project in the second quarter of 2012 in
accordance with generally accepted accounting principles.
This release contains forward-looking statements which are made pursuant
to the safe harbor provisions of Section 21E of the Securities Exchange
Act of 1934. The forward-looking statements in this release do not
constitute guarantees of future performance. Those statements involve a
number of factors that could cause actual results to differ materially,
including risks associated with the company's business involving the
company's products, their development and distribution, economic and
competitive factors and the company's key strategic relationships and
other risks detailed in the company's filings with the Securities and
Exchange Commission. First Solar assumes no obligation to update any
forward-looking information contained in this press release or with
respect to the announcements described herein.
Exelon Contacts:
Paul Elsberg
Media Relations
312-394-7417
or
JaCee
Burnes
Investor Relations
312-394-2948
or
First
Solar Contacts:
Ted Meyer
Media Relations
602-427-3318
ted.meyer@firstsolar.com
or
David
Brady
Vice President, Investor Relations
dbrady@firstsolar.com
Luke
Fairborn
Director, Investor Relations
lucas.fairborn@firstsolar.com
Michelle
Pereira
Manager, Investor Relations
michelle.pereira@firstsolar.com
602-414-9315
Source: Exelon Corporation
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