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

EXELON CORPORATION (EXC)
Mes dernières consult.
Most popular
  Report  
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsofficial PublicationsSector newsTweets
OFFRE ETE Zonebourse : Jusqu'à 6 mois offerts sur tous les portefeuilles

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 CEST
   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; [email protected]

Stocks mentioned in the article : Exelon Corporation, First Solar, Inc.
Stocks mentioned in the article
ChangeLast1st jan.
EXELON CORPORATION 0.55% 41.72 Delayed Quote.5.28%
FIRST SOLAR, INC. 1.51% 51.83 Delayed Quote.-24.38%
PG&E CORPORATION -1.02% 39.79 Delayed Quote.-10.33%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on EXELON CORPORATION
06/18EXELON : Constellation and United Renewable Energy Install 1.8 MW Solar Array at..
AQ
06/15EXELON : Oyster Creek to Host Community Information Night, Monday, June 18
AQ
06/13EXELON : Oyster Creek to Host Community Information Night, Monday, June 18
PU
06/13EXELON : Constellation, United Renewable Energy wrap up work on Georgia solar ar..
AQ
06/13EXELON : BGE Provides 500,000 LED Light Bulbs to Maryland Food Bank to Help Food..
AQ
06/12EXELON : Two BGE Employees Receive Company's Highest Honor for Volunteerism, Com..
AQ
06/11EXELON : BGE Natural Gas System Modernization Continues with Regulatory Rate Rev..
AQ
06/08CAPL ONE : Business people – June 8, 2018
AQ
06/07COMED : Reliability Report to ICC Shows Best Performance on Record
BU
06/06EXELON : Stop blaming Exelon for sediment
AQ
More news
News from SeekingAlpha
06/12What Are Exelon's Prospects In The Trump Era? 
06/11Utilities Week In Review For June 4-8 
06/09STOCKS TO WATCH : Focus On E3, IHopb And The World Cup 
06/07UTILITIES OUTLOOK FOR THE SUMMER OF : Look At Sempra, Portland Electric, Center.. 
06/07VALUATION DASHBOARD : Utilities - Update 
Financials ($)
Sales 2018 31 785 M
EBIT 2018 5 042 M
Net income 2018 2 947 M
Debt 2018 34 055 M
Yield 2018 3,29%
P/E ratio 2018 13,91
P/E ratio 2019 13,66
EV / Sales 2018 2,33x
EV / Sales 2019 2,34x
Capitalization 40 054 M
Chart EXELON CORPORATION
Duration : Period :
Exelon Corporation Technical Analysis Chart | EXC | US30161N1019 | 4-Traders
Technical analysis trends EXELON CORPORATION
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 43,5 $
Spread / Average Target 4,3%
EPS Revisions
Managers
NameTitle
Christopher M. Crane President, Chief Executive Officer & Director
Mayo A. Shattuck Independent Chairman
Bridget M. Reidy Executive Vice President-Corporate Operations
Joseph Nigro Chief Financial Officer & Senior Executive VP
Michael R. Koehler Senior VP, Chief Information & Digital Officer
Sector and Competitors
1st jan.Capitalization (M$)
EXELON CORPORATION5.28%40 054
DUKE ENERGY CORP-11.66%52 085
IBERDROLA3.90%50 059
SOUTHERN COMPANY-7.61%44 946
DOMINION ENERGY-18.20%43 271
AMERICAN ELECTRIC POWER-11.58%32 039