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Constellation Energy Sells 14.5 Megawatt Share in CA Geothermal Assets for $72.5 Million

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  Published in Business and Finance on Tuesday, August 3rd 2010 at 13:26 GMT by Market Wire
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BALTIMORE--([ BUSINESS WIRE ])--Constellation Energy (NYSE:CEG) today announced the sale of its interests in the Mammoth Geothermal Plant near Mammoth Lakes, CA to a subsidiary of Ormat Technologies, Inc. (NYSE:ORA) for $72.5 million (approximately $5,000/kw).

Constellation Energy and ORMAT shared a 50-50 interest in Mammoth-Pacific, L.P. (MPLP), which owns and operates the three geothermal plants comprising the 29MW facility. Constellation Energya™s involvement with MPLP dates to the mid-1980s. MPLP represented Constellation Energya™s last investment in the geothermal field. The company said the sale proceeds will be available for redeployment on strategic priorities.

About Constellation Energy

Constellation Energy ([ www.constellation.com ]) is a leading supplier of energy products and services to wholesale and retail electric and natural gas customers. It owns a diversified fleet of generating units located in the United States and Canada, totaling approximately 9,000 megawatts of generating capacity, and is among the leaders pursuing the development of new nuclear plants in the United States. The company delivers electricity and natural gas through the Baltimore Gas and Electric Company (BGE), its regulated utility in Central Maryland. A FORTUNE 500 company headquartered in Baltimore, Constellation Energy had revenues of $15.6 billion in 2009.