Exelon sells off interests in five California power plants

Chicago, August 21, 2012 — Exelon Corp. closed on the sale of its ownership share of five California power plants — a total of 70 MW of generating capacity — to Tokyo-based IHI Corp. The power plants joined Exelon's generating portfolio following the company's merger with Constellation in March 2012.

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. As a condition of the sale agreement, IHI offered positions to all Exelon Power employees at the five facilities.

IHI plans to hire all of Exelon's O&M personnel at the five plants and commence operations of IHI Power Services Corp. (IPower) as an O&M services provider in the U.S.

The Federal Energy Regulatory Commission designates the five power plants as "qualifying facilities," a distinct class of commercial renewable energy generating facilities of 80 MW or less. All of the plants have power purchase agreements with investor-owned utilities.

Terms of the sale are not being disclosed.

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