Financing and investor sale closed despite capital market crisis
- First utility scale power plant in Pennsylvania
- Largest solar power plant east of the Mississippi River
- More than 17,0000 modules installed on 16.5 acre Waste Management landfill site
Hamburg/ Philadelphia, PA - Conergy and its subsidiary Epuron have announced the completion and sale of the Exelon-Conergy Solar Energy Center. The 3 MW project is located on the Waste Management G.R.O.W.S 16.5-acre landfill site just outside of Philadelphia. Conergy's Projects Group (formerly SunTechnics) provided design, engineering and installation for the system. EPURON provided financing for the project. Exelon Generation, LLC is purchasing the power and renewable energy credits through a long-term power purchase agreement.
This solar power plant is Pennsylvania’s first utility scale plant and the nation's largest solar photovoltaic (PV) generation project east of the Mississippi River. It features 17,000 crystalline panels which convert sunlight into electricity. The estimated annual production is 3,700,000 kWh, reducing yearly CO2 emissions by four million pounds, NOx emissions by over 9,000 pounds, and SOx emissions by 28,000 pounds. This is the equivalent of planting 25 acres of trees per year for 20 years.
"This agreement is another important step in our effort to bring renewable, low-carbon energy to the marketplace. Along with nuclear power, energy efficiency, and other renewable sources, solar power is an important part of our company’s efforts to address climate change," said Ken Cornew, President, Exelon Power Team.
"Conergy and its Epuron division are proud to be the designer and developer of this landmark project. This project firmly establishes utility scale solar power plants in Pennsylvania and the entire Eastern US," said Sarah Hetznecker, Director of Project Development for Conergy US. "This project is the result of a successful partnership between Exelon Generation, Waste Management and the Conergy team, and a major step towards energy independence and greenhouse gas reduction."
Conergy – a market leader for large scale solar projects in the booming US market
With the extension of the federal tax credits, state renewable portfolio standards, and the largest solar insolation resources in the world, the US is poised to become the world leader in solar energy. "Solar energy offers a safe, reliable financial return for investors as well as a viable hedge against rising electricity costs. The financing of this project during the current financial crisis demonstrates that solar energy remains an attractive asset class for financial investors," said Kim McLawhorn, CEO Conergy Americas.
"This project signifies Conergy's core competency in the realization of solar energy power plants, combining our financing, engineering and installation strength to deliver projects on time and on budget, proven through hundreds of solar installations in the US and thousands worldwide. We look forward to expanded solar policy support under the new administration."
About Conergy
Conergy is a Global Leader in the downstream photovoltaic (PV) industry providing superior service to customers in all major markets. Conergy's global leadership is backed by successfully deploying more than 1 Gigawatt of renewable energy through sales, installation and project developers, dedicated focus on our customers, innovative value-added services, and best in class products, ensure that projects backed by Conergy create enthusistic solar energy customers. The Conergy Group is represented in 20 countries on 5 continents. Conergy's global leadership and local expertise make us the superior partner in the PV distribution and installation business.
Discover Solar Energy at www.conergy.us
Press Office queries:
Alexander Leinhos
Head of Public Relations
Conergy AG
Anckelmannsplatz 1
D 20537 Hamburg
Mob. +49 171 5 535 927
Fax +49 40 27142 1639
a.leinhos@conergy.de
www.conergy.de
About EPURON
EPURON GmbH is one of the leading project development and structured financing companies in the renewable energy sector. The company develops, finances and implements wind farms, solar thermal power stations as well as bioenergy plants. Since its foundation in 1998, EPURON has financed and implemented over 90 large-scale projects with an investment volume of over 800 million euros. Its clients include institutional and private investors around the globe. EPURON has branches in ten countries. EPURON is a member of the listed company Conergy AG.
Press Office queries:
Martin Schaefer
Public Relations
Anckelmannsplatz 1
D-20537 Hamburg, Germany
Tel: +49 40 / 271 42 - 3200
Fax: +49 40 / 271 42 - 3300
Internet: www.epuron.com
E-mail: m.schaefer@epuron.de
About Exelon Corporation
Exelon Corporation is one of the nation's largest electric utilities with approximately $19 billion in annual revenues. The company has one of the industry's largest portfolios of electricity generation capacity, with a nationwide reach and strong positions in the Midwest and Mid-Atlantic. Exelon distributes electricity to approximately 5.4 million customers in northern Illinois and southeastern Pennsylvania and natural gas to approximately 480,000 customers in the Philadelphia area. Exelon is headquartered in Chicago and trades on the NYSE under the ticker EXC.
Press Office queries:
Fred Maher
Exelon Generation
(610) 765-6914 |