Constellation Energy to Acquire 7.8 MW Solar Project from Community Energy, Inc., One of the Three Largest Solar Projects in New Jersey
BALTIMORE and RADNOR, Pa. (February 14, 2011) – Constellation Energy (NYSE: CEG) and Community Energy Solar, LLC (Community Energy), today announced that Constellation, through its retail business, has agreed to acquire a 7.8 megawatt (MW) DC solar generation project from solar power developer, Community Energy. The electricity generated from the photovoltaic project in Vineland, New Jersey, will be sold to the Vineland Municipal Electric Utility under a 25-year power purchase agreement obtained by Community Energy and assigned to Constellation Energy. Constellation Energy will finance as well as build, own and operate the solar installation. The project will begin delivering emissions-free peak power this summer and will be among the three largest solar generation installations in New Jersey.
“Constellation Energy is pleased to include Vineland’s solar installation among our renewable energy projects serving customers in New Jersey,” said Michael D. Smith, senior vice president of green initiatives for Constellation Energy’s retail business. “This solar installation will help Vineland Municipal Electric Utility to provide stable utility costs for its users over the long term through a renewable energy source. By structuring solar projects as power purchase agreements, we can provide energy solutions that require no upfront capital from customers and provide them with fixed power costs that are less than projected market rates. ”
“The Vineland Project represents an exciting delivery on Community Energy’s solar development strategy. We were able to advance this solar project quickly based on a strong partnership with the City of Vineland, our development team and Constellation Energy. With the strength of Constellation Energy’s pre-construction purchase, we are able to deliver a win for all parties in a very competitive market, which is always our goal.” said R. Brent Alderfer, CEO of Community Energy.
The project will be ground-mounted on two sites in Vineland, N.J., totaling approximately 40 acres, including a 4.8 MW DC West Vineland and 3.0 MW DC North Vineland site. The project is expected to generate approximately 10 million kilowatt -hours of electricity per year. Generating the same amount of electricity using nonrenewable sources would result in the release of 7,182 metric tons of carbon dioxide, or the equivalent emissions from 1,373 passenger vehicles annually.
About Community Energy Solar
Community Energy Solar is a venture-backed development affiliate of Community Energy Inc., a leading renewable energy developer since its founding in 1999. Community Energy Solar develops utility-scale solar projects nationally with offices in Pennsylvania and Colorado, and since 2009 has steadily expanded its solar project development team and pipeline. With long-established roots in renewable energy marketing, the Company has a proven track record of delivering renewable power generation ahead of the market on terms that work for its customers, utility partners and investors. For more information, visit www.CommunityEnergyInc.com.
About Constellation Energy
Constellation Energy (www.constellation.com) is a leading competitive supplier of power, natural gas and energy products and services for homes and businesses across the continental United States. It owns a diversified fleet of generating units, totaling approximately 12,000 megawatts of generating capacity, and is a leading advocate for clean, environmentally sustainable energy sources, such as solar power and nuclear energy. The company delivers electricity and natural gas through the Baltimore Gas and Electric Company (BGE), its regulated utility in Central Maryland. A FORTUNE 500 company headquartered in Baltimore, Constellation Energy had revenues of $14.3 billion in 2010.