Exelon Sells Share of Five California Power Plants

Exelon Corporation today announced that it has closed on the sale of its ownership share of five California power plants -- a total of 70 megawatts (MW) of generating capacity - to Tokyo-based IHI Corporation.

Terms of the sale are not being disclosed.

The power plants joined Exelon's generating portfolio following the company's merger with Constellation in March 2012.

"The sale of these facilities is part of Exelon's long-term growth strategy," said Exelon President and CEO Christopher M. Crane. "By selling assets that are not consistent with that strategy, we can better focus on positioning our generation portfolio for the future."

The five California power plants include:

• Chinese Station (biomass) in Jamestown, in which Exelon owned a 9.9 MW share;

• Rio Bravo Fresno (biomass) in Fresno, in which Exelon owned a 12 MW share;

• Rio Bravo Jasmin (coal) in Bakersfield, in which Exelon owned a 17.5 MW share;

• Rio Bravo Poso (coal) in Bakersfield, in which Exelon owned a 17.5 MW share;

• Rio Bravo Rocklin (biomass) in Lincoln, in which Exelon owned a 12 MW share.

IHI acquired Exelon's 50 percent stake in the four Rio Bravo power plants and 45 percent stake in the Chinese Station plant. Exelon Power, a business unit of Exelon, operated the plants prior to their sale.

All of the plants are classified as qualifying facilities (QFs), and all of the plants have power purchase agreements with investor-owned utilities.