Parent Of Retail Supplier Sells Solar Business

On December 8, 2020, Exelon Generation Company, LLC ('Exelon Generation'), and an affiliate of Brookfield Renewable Partners L.P. ('Brookfield Renewable') entered into a Purchase Agreement (the 'Purchase Agreement'), under which Brookfield Renewable, together with its institutional partners, agreed to purchase Exelon Generation’s solar business, including 360 megawatts of generation in operation or under construction across nearly 600 sites located throughout the United States.

The purchase price is $810 million, subject to certain working capital and other post-closing adjustments. Sale proceeds will be used for general corporate purposes.

Consummation of the transaction is expected in the first half of 2021 and is subject to various customary closing conditions.

"The transaction does not impact Exelon Generation’s commitment to advancing clean energy and supporting its existing renewables business. Exelon Generation will continue to offer solar solutions through Constellation, its customer-facing business, to its Commercial and Industrial and small business customers through its Constellation Offsite Renewables (CORe) and Efficiency Made Easy products as well as by commercializing offerings through its partnership model," Exelon said

With the purchase, Brookfield Renewable is expected to retain approximately 60 employees who comprise the solar business, including employees working in sales, technical sales, engineering and construction, project structuring, and plant operations and maintenance functions, Exelon said