Later stages of the 230-MW Antelope Valley solar project in California have gone through delays, but the whole facility should be operating in 2014, said Exelon (NYSE: EXC) in its Nov. 7 Form 10-Q report.
In September 2011, Exelon announced the completion of its acquisition of all of the interests in Antelope Valley, a 230-MW solar photovoltaic (PV) project under development in northern Los Angeles County, Calif., from First Solar, which is developing, building, operating, and maintaining the project.
The first portion of the project began operations in December 2012, with six additional blocks coming online in 2013.
“Exelon has been informed by First Solar of issues relating to delays in the certification of certain components relating to the final two blocks of the project, which will delay commercial operation of these two blocks until the first half of 2014,” Exelon reported. “The delay will not have a material financial effect on Exelon. Exelon expects the project to be in full commercial operation in the first half of 2014. The acquisition supports the Exelon commitment to renewable energy as part of Exelon 2020.”
The Antelope Valley project has a 25-year power purchase agreement (PPA) with Pacific Gas & Electric for the full output of the plant. Total capitalized costs for the facility are expected to be about $1.1bn. Total capitalized costs incurred through Sept. 30, 2013, were around $964m.
In addition to Antelope Valley, Exelon’s Generation segment constructed and placed into service 400 MW of additional wind generation in 2012 at a cost of $710m and another 46 MW will be added to Generation’s wind portfolio in 2014 with the expansion of its Beebe project in Michigan, the output of which will be fully contracted under a 20-year PPA.