Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  Exelon Corporation    EXC

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

Exelon Draws Down Federal Loan For Antelope Valley Solar Farm

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/05/2012 | 09:15pm CET
   By Cassandra Sweet 
   Of  
 

Exelon Corp. (>> Exelon Corporation) said Thursday that money from a federal loan backing construction of the giant Antelope Valley solar farm near Los Angeles has started to flow.

Exelon bought the project from First Solar Inc. (>> First Solar, Inc.) and will pay the solar firm to build and operate the plant in a deal worth up to $1.36 billion.

Exelon spokesman Paul Elsberg said the company was drawing down funds from $646 million in loans that the U.S. Department of Energy had approved for the project, although he declined to say how much.

The department's approval of the draw-down of loan funds was a critical milestone in Exelon's deal with First Solar.

"What it means is, the project is squarely Exelon's," Elsberg said.

Although Exelon had closed its acquisition of the project by earlier this year, it had an agreement with First Solar that gave Exelon the right to sell the project back to First Solar if the loan wasn't funded by a certain date. Now that loan funds have started to flow, that requirement has been met, Elsberg said.

First Solar said it expects to begin recording revenue from the project in the second quarter.

The loan was held up by several weeks while First Solar waited for Los Angeles County agencies to approve a slight change in the company's construction permit that had to do with the amount of dirt it could remove at the construction site. The agencies approved the change in mid-February.

The delay of Exelon's loan came in the wake of political scrutiny of the Energy Department and the loan guarantees it approved for renewable-energy companies following the September bankruptcy of California solar-panel maker Solyndra LLC, which received more than $500 million in federal loans.

Some companies that received loan guarantees reported that the department became increasingly strict in its administration of the loans after the Solyndra bankruptcy, and in some cases established new requirements for companies that obtained loan guarantees and loans.

In February, for example, SunPower Corp. (SPWR) said the federal government held up payment on loans backed by a $1.24 billion loan guarantee for a 250-megawatt solar farm in San Luis Obispo, Calif., after the Energy Department demanded new financial requirements. SunPower, which is building the solar farm for NRG Energy Inc. (NRG), said it met the new requirements and expected the first payment from the federal loans by the end of March.

In September, Exelon agreed to buy the 230-megawatt Antelope Valley solar farm in the arid Antelope Valley near Los Angeles and pay First Solar to build and operate the facility in a package of deals worth about $1.36 billion.

County planners said they had to make sure that the grading that First Solar wants to do complies with state environmental rules and is allowed under the permit the county issued for the project. The change required modifying First Solar's construction permit for the project.

The solar power plant will generate enough electricity to serve about 75,000 California homes and displace about 140,000 metric tons of carbon dioxide emissions each year, according to First Solar.

PG&E Corp.'s (PCG) California utility has agreed to buy the electricity from the solar facility under a long-term contract.

-By Cassandra Sweet, Dow Jones Newswires; 415-439-6468; cassandra.sweet@dowjones.com

Stocks mentioned in the article : Exelon Corporation, First Solar, Inc.
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on EXELON CORPORATION
03:13a MAYOR EMANUEL : Gov. Rauner 'bailed out' power companies, bailed on CPS kids wit..
12/02 EXELON : Wide-ranging energy bill sent to Rauner's desk
12/02 EXELON : Legislature passes ComEd rate hike to bail out nuclear power plants, bu..
12/02 EXELON : Lawmakers send Rauner bill with ComEd rate hikes, nuclear power plant b..
12/02 EXELON : Illinois lawmakers vote to spare 2 nuclear plants
12/02 EXELON : Passage of Future Energy Jobs Bill Boosts State Economy and Makes Illin..
12/01 EXELON : energy bill with rate hike inches closer to passage
12/01 PECO : Completes Work to Keep the Holiday Season Safe, Warm and Bright
12/01 EXELON : ComEd, Rauner on board with complex plan to raise rates, bail out nucle..
12/01 EXELON : Make the Season Warm and Bright with the PECO Smart Gift of Energy
More news
Sector news : Electric Utilities - NEC
12/02DJOrigin Energy's New CEO Makes Changes to Leadership Team
11/25DJDOMINION RESOURCES : Saudi Arabia to Skip Meeting With Non-OPEC Producers
11/24 FROM BOOKS TO BANKS : Investors place bets against Italy meltdown
11/23 DRAX : Britain maintains carbon tax freeze until April 2021
11/21DJTsunami Alerts Lifted After Japan Earthquake
More sector news : Electric Utilities - NEC
News from SeekingAlpha
12/01 Invesco Diversified Dividend Fund A (LCEAX) November Summary
11/30 Is This Better Than A High Dividend Yield?
11/29 A YEAR IN REVIEW : Integer Investments
11/28 EXELON CORPORATION : Some See A Dividend Play, But I See Relative-Value Opportun..
11/21 MY 86 STOCK PORTFOLIO DIVIDENDS REVI : 1 New BDC: Monroe Capital (MRCC), 4 Sells..
Advertisement
Financials ($)
Sales 2016 30 108 M
EBIT 2016 4 964 M
Net income 2016 2 438 M
Debt 2016 35 360 M
Yield 2016 3,93%
P/E ratio 2016 13,81
P/E ratio 2017 12,45
EV / Sales 2016 2,16x
EV / Sales 2017 2,05x
Capitalization 29 702 M
More Financials
Chart EXELON CORPORATION
Duration : Period :
Exelon Corporation Technical Analysis Chart | EXC | US30161N1019 | 4-Traders
Full-screen chart
Technical analysis trends EXELON CORPORATION
Short TermMid-TermLong Term
TrendsNeutralBearishNeutral
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 36,8 $
Spread / Average Target 14%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Christopher M. Crane President, Chief Executive Officer & Director
Mayo A. Shattuck Independent Chairman
Jonathan W. Thayer Chief Financial Officer & Senior Executive VP
Michael R. Koehler Chief Information & Digital Officer
John Washington Rogers Independent Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
EXELON CORPORATION18.87%29 702
DUKE ENERGY CORP3.33%50 120
SOUTHERN CO-0.06%45 658
DOMINION RESOURCES, IN..8.35%45 596
IBERDROLA SA-14.52%38 041
PG&E CORPORATION9.12%29 349
More Results