Exelon has completed the sale of its three Maryland coal-fired power plants to Raven Power Holdings. Raven Power is a new portfolio company of Riverstone Holdings.
Exelon today announced that it has completed the sale of its three Maryland coal-fired power plants to Raven Power Holdings LLC (“Raven Power”), a new portfolio company of Riverstone Holdings LLC. The sale fulfills Exelon’s commitment to divest the plants as part of its merger with Constellation. Under the agreement announced Aug. 9, 2012, Raven Power will maintain jobs with comparable pay and benefits for employees at the plants.
The three plants, known collectively as Maryland Clean Coal, include:
Brandon Shores, Pasadena, Md.: 1,273 MW of installed capacity, two units (coal)
C.P. Crane, Middle River, Md.: 399 MW installed capacity, three units (coal and oil)
H.A. Wagner, Pasadena, Md.: 976 MW installed capacity, five units (coal, natural gas and oil)
The sale was required by the Federal Energy Regulatory Commission, U.S. Department of Justice and the Maryland Public Service Commission as part of Exelon’s merger agreement.
Exelon Corporation (NYSE:EXC) is the nation’s leading competitive energy provider, with approximately $33 billion in annual revenues. Headquartered in Chicago, Exelon has operations and business activities in 47 states, the District of Columbia and Canada. Exelon is the largest competitive U.S. power generator, with approximately 35,000 megawatts of owned capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. The company’s Constellation business unit provides energy products and services to approximately 100,000 business and public sector customers and approximately 1 million residential customers. Exelon’s utilities deliver electricity and natural gas to more than 6.6 million customers in central Maryland (BGE), northern Illinois (ComEd) and southeastern Pennsylvania (PECO).
About Riverstone Holdings LLC
Riverstone is an energy and power-focused private equity firm founded in 2000 with approximately $23 billion of equity capital raised across seven investment funds, including the world’s largest renewable energy fund. Riverstone conducts buyout and growth capital investments in the midstream, exploration & production, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London and Houston, the firm has committed approximately $19.9 billion to 92 investments in North America, Latin America, Europe and Asia. For more information, visit www.riverstonellc.com.
Exelon Corporate Communications
Paul Adams, 410-470-4167
For Riverstone Holdings LLC:
Kekst and Company
James David or Jeffrey Taufield, 212-521-4800