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Constellation to Build Solar Project
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Constellation Energy Group Inc. (CEG) has been selected by the state of Maryland to develop an approximately 15.9 MW DC (13.5 MW/AC) solar photovoltaic power installation under the state’s Generating Clean Horizons initiative. Under the initiative, the state issued requests for proposals for long-term power purchase agreements from renewable power sources delivering clean power to the grid by 2014.
This $60 million solar facility will be constructed, owned, operated and maintained by Constellation Energy on land leased from Mount St. Mary’s University in Emmitsburg, Maryland. The system, expected to be completed by December 2012, would be the largest solar photovoltaic installation in Maryland.
Renewable electricity produced by the system will be purchased by the state of Maryland under a 20-year solar power purchase agreement. The system is expected to produce more than 21,000,000 kWh of electricity per year.
The proposed solar project is one of several renewable energy initiatives Constellation Energy has developed or is pursuing in the state of Maryland. Constellation Energy recently completed one of the largest photovoltaic systems in Maryland – a nearly 1 MW solar project for McCormick & Company – and constructed a 300 kW solar system for the Maryland Environmental Service, the first of its kind for a Maryland state agency.
Based in Baltimore, Maryland, Constellation Energy supplies energy products and services to wholesale customers as well as retail, commercial, industrial and governmental customers in North America. The company has a merchant energy business and the Baltimore Gas and Electric Company, a regulated electric and gas public utility, operating in central Maryland. Its merchant energy business is a provider of energy solutions.
Constellation Energy also has other non-regulated businesses that design, construct and operate heating, cooling and cogeneration facilities for commercial, industrial and governmental customers throughout North America. Moreover, it provides home improvements, service heating, air conditioning, plumbing, electrical and indoor air-quality systems, besides providing natural gas to residential customers in central Maryland. We maintain our market Neutral recommendation on the shares.
This $60 million solar facility will be constructed, owned, operated and maintained by Constellation Energy on land leased from Mount St. Mary’s University in Emmitsburg, Maryland. The system, expected to be completed by December 2012, would be the largest solar photovoltaic installation in Maryland.
Renewable electricity produced by the system will be purchased by the state of Maryland under a 20-year solar power purchase agreement. The system is expected to produce more than 21,000,000 kWh of electricity per year.
The proposed solar project is one of several renewable energy initiatives Constellation Energy has developed or is pursuing in the state of Maryland. Constellation Energy recently completed one of the largest photovoltaic systems in Maryland – a nearly 1 MW solar project for McCormick & Company – and constructed a 300 kW solar system for the Maryland Environmental Service, the first of its kind for a Maryland state agency.
Based in Baltimore, Maryland, Constellation Energy supplies energy products and services to wholesale customers as well as retail, commercial, industrial and governmental customers in North America. The company has a merchant energy business and the Baltimore Gas and Electric Company, a regulated electric and gas public utility, operating in central Maryland. Its merchant energy business is a provider of energy solutions.
Constellation Energy also has other non-regulated businesses that design, construct and operate heating, cooling and cogeneration facilities for commercial, industrial and governmental customers throughout North America. Moreover, it provides home improvements, service heating, air conditioning, plumbing, electrical and indoor air-quality systems, besides providing natural gas to residential customers in central Maryland. We maintain our market Neutral recommendation on the shares.
Read the full analyst report on CEG
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