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BALTIMORE, Sept. 4, 2008 - Constellation Energy (NYSE: CEG) announced that its subsidiary, Constellation Energy's Projects & Services Group, has signed an agreement with the East Lyme Board of Education to construct a solar power system that will generate approximately 478 kilowatts (kW) of power at East Lyme High School in Conn. The system will utilize approximately 2,800 Solar World 175 watt crystalline solar panels, and is expected to be one of the largest solar projects at a public entity in New England. Constellation Energy estimates the project will reduce greenhouse gas emissions by 443 metric tons annually and reduce electricity costs by approximately 15 percent.
"We will be generating clean, renewable and economical energy at East Lyme High School with the deployment of this solar power system," said Greg Jarosinski, president of Constellation Energy's Projects & Services Group. "The advantage of working with progressive schools like East Lyme High School is the opportunity to demonstrate that public institutions can utilize solar power systems that deliver competitively priced electricity and long term price predictability with minimal upfront costs for taxpayers."
Constellation Energy will construct, own and operate the photovoltaic system and sell the electricity it generates on-site to East Lyme High School under a 20-year power purchase agreement (PPA). All applicable renewable energy incentives and federal tax credits are incorporated into the agreement to reduce the overall cost of the power and enable the system to be deployed with minimal or no upfront capital from the school system.
"Solar power makes sense on so many levels for East Lyme-economic, environmental and educational," said Don Meltabarger, business manager of East Lyme Public Schools. "We're adding a major piece of energy infrastructure without adding to our budget, and we're able to better predict our future energy costs. We're also creating awareness within the community about the viability of renewable energy. East Lyme High School teachers and students will gain first hand knowledge of benefits of and science behind solar energy."
The Connecticut Clean Energy Fund awarded one of the grants for the project, and also is purchasing the renewable energy credits associated with the installation.
"The East Lyme solar photovoltaic project is an excellent example of a municipal installation," said Christin Cifaldi, project associate at the Connecticut Clean Energy Fund. "This installation will provide approximately twenty-two percent of the school's electrical needs, helping save the school system money by reducing its monthly electric bill. By working with towns and school systems across the state, the Connecticut Clean Energy Fund has been successful in providing clean, unique solutions to rising energy costs."
East Lyme Public Schools is a member of the Connecticut Consortium for Electricity Purchasing, an aggregated energy purchasing agent comprised of 120 school districts and municipalities in the state.
Constellation Energy's Projects and Services Group (www.ceprojects.com) is the energy services arm of North America's largest retail and wholesale energy company, Constellation Energy. Serving business and institutional customers nationwide, Constellation Energy's Projects and Services Group specializes in financial and environmental solutions that can significantly reduce energy consumption and costs. Constellation Energy's Projects and Services Group delivers the technical expertise to develop large scale energy projects, such as solar, biomass and geothermal projects and on- or off-site power generation systems. The company also designs and implements full energy system retrofits that save energy and reduce harmful emissions.
Constellation Energy (www.constellation.com), a FORTUNE 125 company with 2007 revenues of $21 billion, is the nation's largest competitive supplier of electricity to large commercial and industrial customers and the nation's largest wholesale power seller.
Constellation Energy also manages fuels and energy services on behalf of energy intensive industries and utilities. It owns a diversified fleet of 84 generating units located throughout the United States, totaling approximately 9,000 megawatts of generating capacity. The company delivers electricity and natural gas through the Baltimore Gas and Electric Company (BGE), its regulated utility in Central Maryland.
Media Contacts:
Aaron Koos
410-470-7433
