Exelon sells stakes in 5 plants to Tokyo-based IHI

Associated Press Modified: August 21, 2012 at 9:30 am •  Published: August 21, 2012

CHICAGO (AP) — Exelon Corp., the nation's largest supplier of wholesale electric power, said Tuesday that it closed on the sale of its ownership stake in five California power plants to Tokyo-based IHI Corp.

Financial terms were not disclosed. The Chicago-based company acquired stakes in the plants as part of its purchase of Constellation Energy in March. Exelon Power, a business unit of Exelon, operated the plants before their sale.

The deal includes 50 percent stakes in biomass plants in Fresno and Lincoln, along with 50 percent stakes in a pair of coal plants in Bakersfield, plus a 45 percent stake in a biomass plant in Jamestown, Exelon said.

Under the agreement, IHI offered jobs to all Exelon Power employees at the plants, Exelon said.

Exelon shares fell 5 cents to $37.63 in morning trading.

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