Solar energy project acquired by Exelon Corp.

Exelon Corp. (NYSE: EXC) acquired the planned 230 MW Antelope Valley Solar Ranch One in California from First Solar (Nasdaq: FSLR), which will build, operate and maintain the project.

Exelon said it expects to invest up to $713 million in equity in the project through 2013. The U.S. Department of Energy finalized a loan guarantee of up to $646 million to support financing for the project. Bank of America Merril Lynch acted as financial advisor and Sidley Austin served as legal advisors to Exelon. Skadden, Arps, Slate, Meagher & Flom served as legal advisors to First Solar.

Antelope Valley is expected to use 3.8 million First Solar FS Series 3 PV Module and a tracking system. Pacific Gas & Electric signed a 25-year power purchase agreement for the output from the plant.

Construction has already started and the first phase is expected to be complete in 2012 with full operations planned for late 2013.

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