Exelon (EXC) Acquires Antelope Valley Solar Ranch from First Solar (FSLR); Affirms U.S. DoE $646M Guarantee

Exelon Corporation (NYSE: EXC) today announced its acquisition of Antelope Valley Solar Ranch One, a 230-megawatt (MW) solar photovoltaic (PV) project under development in northern Los Angeles County, Calif., from First Solar (Nasdaq: FSLR), 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.

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.

The U.S. Department of Energy’s Loan Programs Office finalized a loan guarantee of up to $646 million to support project financing for AV Solar Ranch One. Advances under the loan are contingent on the satisfaction of various conditions. No regulatory approvals are needed for Exelon’s acquisition of AV Solar Ranch One from First Solar.

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