Exelon Sells Nearly Half of ExGen Renewables Portfolio
Exelon has sold 49% of the membership interests of ExGen Renewables Partners, LLC to John Hancock Life Insurance Company for $400.
On March 31, 2017, ExGen Renewables Holdings, LLC (“Holdings”), a wholly-owned subsidiary of Exelon Generation Company, LLC (“Exelon Generation”), and John Hancock Life Insurance Company (U.S.A.) (“Hancock”) entered into a Purchase Agreement (the “Purchase Agreement”), under which Hancock agreed to purchase 49% of the membership interests of ExGen Renewables Partners, LLC (“Partners”), an owner and operator of approximately 1,296 megawatts of operating wind and solar electric generating facilities.
This portfolio consists of 30 different projects located in 13 states and represents approximately 34.9% of Exelon Generation’s renewable generation assets and 4.0% of Exelon Generation’s total generation assets.
The purchase price is $400 million, subject to certain working capital and other post-closing adjustments. Sales proceeds will be used to pay down debt and for general corporate purposes. Upon consummation of the transaction, Holdings will be the managing member of Partners and have day-to-day control and management over Partners and its renewable generation portfolio.
“The transaction does not impact Exelon Generation’s commitment to advancing clean energy and supporting its existing renewables business,” Exelon said in a 10-K
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