Exelon, NextEra Acquire Projects from First Solar

Exelon Corporation 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, which developed and will build, operate, and maintain the project.

The project has a 25-year power purchase agreement (PPA), 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.

Separately, First Solar announced the completion of the sale of the 550-megawatt (AC) Desert Sunlight Solar Farm near Desert Center, Calif. to affiliates of NextEra Energy Resources, LLC, and GE Energy Financial Services. Affiliates of NextEra Energy Resources and GE Energy Financial Services have each acquired 50 percent of the Desert Sunlight project. Financial details of the transaction were not disclosed.

The Desert Sunlight project's power will be sold under two long-term power purchase agreements: a 250-megawatt agreement with Southern California Edison and a 300-megawatt agreement with Pacific Gas and Electric Company.