Chicago-based Exelon has acquired First Solar’s 230-megawatt Antelope Valley Solar Ranch project in Los Angeles County.
The $1.36 billion project is backed by a $646 million loan guarantee from the Department of Energy.
Exelon is expected to finance the balance of the project’s costs — $713 million — on its balance sheet. As part of the agreement First Solar will oversee project construction and continue to operate the plant once it goes commercial in late 2013.
Exelon is in the process of merging with Constellation Energy. Combined, the two companies have 350 megawatts of solar generation that’s either under construction or under development. Back in June Constellation acquired a 30-megawatt, ground-mounted solar PV project in Sacramento from Belectric.