Exelon Generation Company, LLC, has signed a 20-year power purchase agreement with Epuron LLC, the U.S. subsidiary of one of the world's leading project development and structured finance companies in the renewable energy sector, for the energy produced at a Falls Township, Pa., solar energy facility.
This power plant will be the nation's fourth largest solar photovoltaic (PV) generation project, trailing only facilities in California and Arizona. It will feature approximately more than 17,000 panels to capture the sun's rays and convert them into electricity. The facility will be called the Exelon-Epuron Solar Energy Center, a SunTechnics Project.
"This agreement adds another element to Exelon's renewable energy portfolio," said John W. Rowe, Exelon Corporation's chairman, president and CEO. "As the nation turns its attention toward cleaner energy sources, it's essential that Exelon play a part. We believe there is a growing demand for renewables, and we want to help meet that demand."
"Epuron is very excited about this benchmark photovoltaic project that will launch utility scale solar power plants in Pennsylvania and the entire Eastern United States," said Arndt E. Lutz, regional manager, Epuron LLC. "This will be the biggest array ever built on the East Coast and the result of a successful cooperation among Exelon, Waste Management and Epuron, in a major step toward energy independence and greenhouse gas reduction."
Pennsylvania Gov. Edward G. Rendell announced the agreement during a press conference today at the site.
Waste Management officials also expressed support for the project. "We were approached by the Pennsylvania Department of Environmental Protection to consider a proposal to participate with this project given our existing landfill gas to energy project," said Jim Dancy, Area Vice President - Pennsylvania.
"We are very pleased to partner with Exelon and Epuron to host the solar panels on buffer property adjacent to our landfill and play a part in developing additional alternative energy sources to the communities and region," Dancy said.
The 3-megawatt (MW) project is situated on a 16.5-acre plot in Falls Township, Bucks County, adjacent to Waste Management's G.R.O.W.S. Landfill. Estimated annual production is 3,700 MWh. The solar energy plant is scheduled to be operational in the second quarter of 2008. SunTechnics Energy Systems Inc., Epuron's sister company and a leading provider of turnkey renewable energy solutions, will undertake the system's planning, engineering and installation.
Exelon Generation will sell the physical electricity produced by the solar energy project to PJM Interconnection. The solar renewable energy credits will be sold into the voluntary and compliance markets, primarily in Pennsylvania. The major driver for solar energy demand in Pennsylvania is the Alternative Energy Portfolio Standards law, which requires that load-serving entities procure an increasing percentage of solar energy for their supply portfolios.
Exelon Generation has a landfill generation project about six miles from the solar energy project site. A pipeline transports landfill methane from the Waste Management facility to a gas turbine owned by Exelon Generation that produces 30 MW. In addition to this new energy source, Exelon's renewable energy supply portfolio includes four wind projects totaling 154 MW, and two large hydroelectric facilities totaling about 1,300 MW.
Exelon Corporation is one of the nation's largest electric utilities with more than $15 billion in annual revenues.At more than 32,000 megawatts, 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 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.
Epuron GmbH, headquartered in Hamburg, Germany, is one of the world's leading project development and structured finance companies in the renewable energy sector. The company develops, finances, and operates solar and wind farms, solar thermal power plants, as well as biogas and bioethanol large-scale systems. Since its foundation in 1998 Epuron has financed and realized large-scale projects with an investment volume of over $750 million. Epuron has subsidiaries and offices in 12 countries on five continents and is a wholly owned subsidiary of the listed company Conergy AG (CGY, German stock exchange), the world's market leader in solar power systems. Epuron's U.S. subsidiary, Epuron LLC, is headquartered in Philadelphia and maintains an office in Sacramento, Calif., for its West Coast activities.
Waste Management, based in Houston, Texas, is the leading provider of comprehensive waste management services in North America. Our subsidiaries provide collection, transfer, recycling and resource recovery, and disposal services. We are also a leading developer, operator and owner of landfill gas-to-energy and waste-to-energy facilities in the United States. Our customers include residential, commercial, industrial, and municipal customers throughout North America. More information about how Waste Management Thinks Green® can be found at www.wm.com/wm/thinkgreen.
