Constellation Energy (NYSE:CEG) has signed an agreement with Clipper Windpower, Inc. (CWP.L) to acquire the Criterion wind project in Garrett County, Marylandd. The $140 million, 70-megawatt (MW) project would be developed, constructed, owned and operated by Constellation Energy.
Under terms of the agreement, Constellation Energy will purchase from Clipper Windpower the Criterion project and 28 of Clipper’s 2.5-MW Liberty wind turbines.
Complete financial terms of the agreement were not disclosed.
The deal is expected to close in 1Q10. Commercial operation of the wind energy facility is anticipated in the fall of 2010.
The Criterion project already has received the necessary state approvals.
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. Within the last year, Constellation Energy completed one of the largest photovoltaic systems in Maryland–a nearly 1-MW 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.
Constellation Energy owns a diversified fleet of generating units located in the United States and Canada, totaling approximately 7,100 MW.
The company is also pursuing development of new nuclear plants in the United States.
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