Constellation Energy to acquire Criterion wind power project

In a release, the Company noted that the $140 million, 70-megawatt wind energy project would be developed, constructed, owned and operated by Constellation Energy. This new renewable energy resource would provide enough sustainable electricity to meet the annual equivalent usage of an estimated 23,000 households. It is one of several clean energy initiatives Constellation Energy has recently completed or proposed across Maryland.

Under terms of the agreement, Constellation Energy will purchase from Clipper Windpower the Criterion project and 28 of Clipper’s 2.5-megawatt Liberty wind turbines. The Criterion project has received the necessary state approvals. Criterion’s 2008 state application was the first to win approval under a 2007 state law promoting wind development in Maryland.

"Constellation Energy remains committed to pursuing clean, green energy generation and conservation projects in Maryland," said Mayo A. Shattuck III, chairman, president and chief executive officer, Constellation Energy. "These projects have the potential to produce high-paying construction jobs while increasing and diversifying energy supply in the state of Maryland. The Criterion project is an ideal example of the kind of innovative and sustainable energy project that can help Maryland meet its ambitious renewable energy objectives."

The Constellation Energy-Clipper Windpower agreement, which is subject to certain terms and conditions, is expected to close in the first quarter of 2010. Commercial operation of the wind energy facility is anticipated in the fall of 2010.

Constellation said that the Criterion project has entered into a 20-year power purchase agreement with the Old Dominion Electric Cooperative for energy and renewable energy credits produced by the wind facility. Old Dominion is a not-for-profit wholesale power provider serving public electric cooperatives in Maryland, Delaware and Virginia.

Constellation Energy is a supplier of energy products and services to wholesale and retail electric and natural gas customers. Clipper Windpower is a company engaged in wind energy technology, turbine manufacturing, and wind project development.

http://www.constellation.com/portal/site/constellation/