Exelon sells off interests in five California power plants
IHI acquired Exelon's 50 percent stake in the four Rio Bravo power plants and 45 percent stake in the Chinese Station plant
Chicago, August 21, 2012 — Exelon Corp. closed on the sale of its ownership share of five California power plants — a total of 70 MW of generating capacity — to Tokyo-based IHI Corp. The power plants joined Exelon's generating portfolio following the company's merger with Constellation in March 2012.
·Chinese Station (biomass) in Jamestown, in which Exelon owned a 9.9 MW share;
·Rio Bravo Fresno (biomass) in Fresno, in which Exelon owned a 12 MW share;
·Rio Bravo Jasmin (coal) in Bakersfield, in which Exelon owned a 17.5 MW share;
·Rio Bravo Poso (coal) in Bakersfield, in which Exelon owned a 17.5 MW share;
·Rio Bravo Rocklin (biomass) in Lincoln, in which Exelon owned a 12 MW share.
IHI acquired Exelon's 50 percent stake in the four Rio Bravo power plants and 45 percent stake in the Chinese Station plant. Exelon Power, a business unit of Exelon, operated the plants prior to their sale. As a condition of the sale agreement, IHI offered positions to all Exelon Power employees at the five facilities.
IHI plans to hire all of Exelon's O&M personnel at the five plants and commence operations of IHI Power Services Corp. (IPower) as an O&M services provider in the U.S.
The Federal Energy Regulatory Commission designates the five power plants as "qualifying facilities," a distinct class of commercial renewable energy generating facilities of 80 MW or less. All of the plants have power purchase agreements with investor-owned utilities.