Constellation, a business unit of Exelon Corp., has announced the completion of an aggregate 5.7 MW solar generation project for Portland General Electric (PGE) in Lake County, Ore. Constellation financed, owns and operates the solar power system. In return, PGE purchases and receives all of the electricity generated by the solar panels at a fixed rate from Constellation under a 25-year solar power purchase agreement (PPA).
"Portland General Electric is working hard to diversify its portfolio of renewable generating resources while maintaining a reliable supply of power for its customers," says Jim Lobdell, PGE's vice president for power operations and resource strategy. "The project marks a significant addition to that effort, and will help us serve homes and businesses in our service area for years to come."
The project, which comprises more than 20,000 ground-mounted photovoltaic panels, was supported through a grant from the Energy Trust of Oregon and a business energy tax credit from the Oregon Department of Energy. Through its PPA with Constellation, PGE did not have to commit up-front capital to build the project and retains the environmental attributes of the project to meet the state of Oregon's renewable portfolio standard requirements.
The solar project was co-developed by Obsidian Finance Group and Smart Energy Capital. Belectric Inc. provided engineering, procurement, construction services and construction financing before Constellation acquired the project, and Belectric will also provide operations and maintenance services.
