ATLANTA (May 13, 2011) — Smith, Gambrell & Russell served as lead counsel to photovoltaic power plant developer Belectric, Inc. in the sale of a 30-megawatt DC (25-megawatt AC) solar generation project located in Sacramento, California to Constellation Energy (NYSE: CEG). The transaction closed in early May, and the project is expected to be commercially operational by the end of 2011.
Hans-Michael Kraus and Thomas H. Hong served as co-lead transaction counsel. Other team members include: Simone von Werden Kraus, Corporate; Thomas A. Spillman, Real Estate; Stephen E. O’Day and Jessica Lee Reece, Sustainability; and Scott D. Cahalan and J. David Mura, Jr., Construction.
The project will be comprised of approximately 381,000 First Solar thin film photovoltaic panels, ground-mounted at multiple sites near Sacramento. Pursuant to ten, 20-year power purchase agreements, Constellation Energy will own and operate the system and sell the electricity generated to the Sacramento Municipal Utility District (SMUD).
Belectric, Inc., based in Newark, Calif., is the North American arm of the global Belectric organization, ranked the largest systems integrator worldwide with 330MW of PV power plants installed in 2010. Belectric, Inc. installed the first UL compliant high voltage PV plant in the U.S. in 2010.
Constellation Energy supplies power, natural gas and energy products and services to homes and businesses across the U.S. With a fleet of generating units totaling approximately 12,000 megawatts of generating capacity, Constellation Energy delivers electricity and natural gas through the Baltimore Gas and Electric Company (BGE), its regulated utility in Central Maryland.