Constellation Energy Signs Agreement to Acquire Western Maryland Wind Project
BALTIMORE- Constellation Energy (NYSE:CEG) today announced it has signed an agreement with Clipper Windpower, Inc. to acquire the Criterion wind project in Garrett County, Md. The $140 million, 70-megawatt wind energy project would be developed, constructed, owned and operated by Constellation Energy. This new renewable energy resource would provide enough sustainable electricity to meet the annual equivalent usage of an estimated 23,000 households. It is one of several clean energy initiatives Constellation Energy has recently completed or proposed across Maryland.
Under terms of the agreement, Constellation Energy will purchase from Clipper Windpower the Criterion project and 28 of Clipper’s 2.5-megawatt Liberty wind turbines. The Criterion project has received the necessary state approvals. Criterion’s 2008 state application was the first to win approval under a 2007 state law promoting wind development in Maryland.
“Constellation Energy remains committed to pursuing clean, green energy generation and conservation projects in Maryland,” said Mayo A. Shattuck III, chairman, president and chief executive officer, Constellation Energy. “These projects have the potential to produce high-paying construction jobs while increasing and diversifying energy supply in the state of Maryland. The Criterion project is an ideal example of the kind of innovative and sustainable energy project that can help Maryland meet its ambitious renewable energy objectives.”
The Constellation Energy-Clipper Windpower agreement, which is subject to certain terms and conditions, is expected to close in the first quarter of 2010. Commercial operation of the wind energy facility is anticipated in the fall of 2010.
The Criterion project has entered into a 20-year power purchase agreement with the Old Dominion Electric Cooperative for energy and renewable energy credits produced by the wind facility. Old Dominion is a not-for-profit wholesale power provider serving public electric cooperatives in Maryland, Delaware and Virginia.
The proposed Western Maryland wind project is one of several renewable energy initiatives Constellation Energy has developed or is pursuing on behalf of public and private sector customers in the state. Within the last year, Constellation Energy completed one of the largest photovoltaic systems in Maryland - a nearly 1-megawatt solar project for McCormick & Company - and constructed a 300-kilowatt solar system for the Maryland Environmental Service, the first of its kind for a Maryland state agency.
About Constellation Energy
Constellation Energy (www.constellation.com) is a leading supplier of energy products and services to wholesale and retail electric and natural gas customers. It owns a diversified fleet of generating units located in the United States and Canada, totaling approximately 7,100 megawatts of generating capacity, and is among the leaders pursuing the development of new nuclear plants in the United States. The company delivers electricity and natural gas through the Baltimore Gas and Electric Company (BGE), its regulated utility in Central Maryland. A FORTUNE 500 company headquartered in Baltimore, Constellation Energy had revenues of $19.8 billion in 2008.
About Clipper
Clipper Windpower Plc, www.clipperwind.com, is a company engaged in wind energy technology, turbine manufacturing, and wind project development. The Company designs advanced wind turbines, manufactures its 2.5 MW Liberty wind turbine, and actively develops wind power generating projects in the Americas and Europe. Clipper’s primary offices are in the United Kingdom and in California, USA. The Company’s 330,000 square foot manufacturing and assembly facility, located in Cedar Rapids, Iowa, is ISO9001:2000 QMS Certified. Clipper is a public company listed on the London Stock Exchange’s Alternative Investment Market (AIM). Clipper’s ticker symbol is CWP.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Securities Exchange Act of 1934, including, but not limited to, statements relating to the expected timing and completion of the acquisition. Such statements are based upon the current beliefs and expectations of our management and involve a number of significant risks and uncertainties, many of which are difficult to predict and are generally beyond the control of Constellation Energy. Actual results may differ materially from the results anticipated in these forward-looking statements. The ability to satisfy all conditions to closing is one factor, among others, that could cause or contribute to such material differences. Additional factors that could cause Constellation Energy's results to differ materially from those described in the forward-looking statements can be found in Constellation Energy's periodic reports filed with the Securities and Exchange Commission, which are available at the Securities and Exchange Commission's Web site (http://www.sec.gov) at no charge. Constellation Energy assumes no responsibility to update any forward-looking statements as a result of new information or future developments except as expressly required by law.
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