Exelon has reached an agreement to sell its three Maryland coal-fired power plants to Raven Power, a new portfolio company of Riverstone Holdings, fulfilling its commitment to divest the plants as part of its merger with Constellation. Raven Power will pay approximately $400m for the plants and related assets.
The three plants, known collectively as Maryland Clean Coal, include: 1,273 MW Brandon Shores, in Pasadena (two coal-fired units), 399 MW C.P. Crane, (three coal- and oil-fired units) in Middle River, and 976 MW H.A. Wagner (five coal-, oil- and gas-fired units) in Pasadena. Since 2008, the three coal plants have undergone major environmental upgrades, including investment in a new scrubber at Brandon Shores that makes it one of the cleanest coal plants in the nation. The plants comply with the stringent Maryland Healthy Air Act and are well positioned to meet pending Environmental Protection Agency (EPA) emissions standards.
The sale was required by the Federal Energy Regulatory Commission (FERC), U.S. Department of Justice (DOJ) and the Maryland Public Service Commission as part of Exelon’s merger agreement. The transaction, which is subject to approval by FERC and DOJ, is expected to close in the fourth quarter of 2012.
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