Exelon sells 49% of Renewables Partners to John Hancock Life

ExGen Renewables Holdings, a wholly-owned subsidiary of Exelon Generation Company, and John Hancock Life Insurance Company have entered into a purchase agreement, under which Hancock agreed to purchase 49% of the membership interests of ExGen Renewables Partners.

ExGen Renewables Partners is an owner and operator of approximately 1,296 MW of operating wind and solar electric generating facilities. This portfolio consists of 30 different projects located in 13 states in the USA and represents approximately 34.9% of Exelon Generation’s renewable generation assets and 4% of Exelon Generation’s total generation assets.

The purchase price is US$400 million, subject to certain working capital and other post-closing adjustments. Sales proceeds will be used to pay down debt and for general corporate purposes. Upon consummation of the transaction, Holdings will be the managing member of Partners and have day-to-day control and management over Partners and its renewable generation portfolio. The transaction does not impact Exelon Generation’s commitment to advancing clean energy and supporting its existing renewables business.

Consummation of the transaction is expected in the late second quarter or early third quarter and is subject to various customary closing conditions, including receipt of regulatory approvals from the Federal Energy Regulatory Commission and Public Utility Commission of Texas.

After consummation, Partners will have a right of first offer to purchase from Exelon Generation renewable generation projects meeting certain criteria prior to Exelon Generation selling such projects to unaffiliated third parties.