Exelon Corporation (EXC: Quote) said Tuesday that it has completed the sale of its ownership share of five California power plants to Tokyo-based IHI Corporation.
The power plants, which have a total generating capacity of 70 megawatts, joined Exelon's generating portfolio following the its merger with Constellation in March 2012.
The power plants include Chinese Station (biomass) in Jamestown, in which Exelon's share was 9.9 MW share, Rio Bravo Fresno (biomass) in Fresno, in which Exelon's share was 12 MW share, Rio Bravo Jasmin (coal) in Bakersfield, in which Exelon's share was 17.5 MW, Rio Bravo Poso (coal) in Bakersfield, in which Exelon's share was 17.5 MW share, Rio Bravo Rocklin (biomass) in Lincoln, in which Exelon's share was 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 has 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. 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 were not disclosed.
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by RTT Staff Writer
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