Exelon starts to draw federal funds for solar plant

Exelon Corp. has started to receive federal funds that will go towards construction of a large solar power plant being built by First Solar in California.

Chicago-based Exelon (NYSE: EXC) said Thursday it has received its first advance on a loan guarantee from the U.S. Department of Energy for the Antelope Valley solar power plant in California. It’s a move that finalized ownership of the 230-megawatt project it agreed to buy from Tempe-based First Solar (Nasdaq: FSLR) in September.

The DOE had promised up to $646 million in loan guarantees for the estimated $1.36 billion project. Exelon had said it would invest $713 million in the project through 2013.

Exelon did not say how much money it received from the DOE in the advance for the loan.

Antelope Valley was one of two large projects in California for which First Solar received government loan backing before selling the projects. First Solar continued as project developer on both.

The project has a 25-year power purchase agreement with Pacific Gas & Electric Co.

From the Phoenix Business Journal.

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