Exelon (NYSE: EXC) and SunPower Corporation (Nasdaq: SPWRA) have agreed to develop the nation’s largest urban solar power plant at a former industrial site on Chicago’s South Side. The 10-megawatt (MW) solar photovoltaic facility is scheduled for completion by the end of 2009.
The $60 million project is contingent upon Exelon receiving a federal loan guarantee under the recently passed federal stimulus legislation.
Exelon is seeking a loan guarantee for up to 80% of the project cost from the U.S. Department of Energy Loan Guarantee Program Office (LGPO). Exelon plans to lease 39 acres of the West Pullman Industrial Redevelopment Area from the City of Chicago for the project.
The former industrial site is a “brownfield” property that will be redeveloped for productive reuse. Exelon Generation will own and operate the plant and market the electricity and Solar Renewable Energy Certificates (SRECs) it generates. SunPower will design, manufacture and install the solar system.
Exelon Chairman and CEO John W. Rowe. “As a provider of electrical service in urban areas, we understand the importance of finding urban locations for renewable energy and we are pleased to bring the largest urban solar installation to West Pullman, helping to revitalize an area where industry once thrived.”
The solar power system is expected to generate enough electricity to meet the requirements of 1,200 to 1,500 homes per year.
“Exelon’s planned solar installation will benefit the West Pullman community in many ways, including increased economic activity, new jobs, and the revitalization of these unused parcels of land,” said Chicago 34th Ward Alderman Carrie M. Austin.
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