Constellation Makes US $90M Solar Commitment

Constellation Energy will support the development of commercial photovoltaic power systems with a US $90 million solar capital commitment. The funds will be available for customer-sited solar installations of 500 kilowatts or larger which begin construction before mid-year 2010.

Approximately $18 million of the capital commitment has already been committed to projects soon to begin development in Maryland and New Jersey. The capital commitment enables Constellation Energy to finance, design, construct and own solar installations for customers and supply the power generated on-site to the customer.

“Constellation Energy’s solar capital commitment provides the resources to make photovoltaic power a simple and economical proposition for commercial and governmental customers who want to support clean, renewable energy at their facilities,” said Michael D. Smith, senior vice president of green initiatives for Constellation NewEnergy. “Our solar business model gives customers a single source for every step of the process, from financing to planning and permitting, construction and long-term maintenance of the system.”

Constellation Energy has committed to expanding solar project development over the next several years. The company currently has approximately 25 megawatts of solar power systems installed or under way in the U.S., ranging from customer-sited rooftop installations to a 17.1-megawatt large-scale project in Emmitsburg, Maryland, that will be among the largest in the U.S.

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