Exelon Corp., the largest competitive U.S. power generator, today announced that it has reached an agreement to sell its three Maryland coal-fired power plants and related assets to Raven Power Holdings LLC, a new portfolio company of energy and power focused private equity firm Riverstone Holdings LLC, for $400 million, subject to several closing adjustments.
Chicago-based Exelon is divesting the plants as part of its previously completed merger with Constellation Energy Group, Inc. The sale was required by the Federal Energy Regulatory Commission (FERC), U.S. Department of Justice (DOJ) and the Maryland Public Service Commission as part of the merger agreement. The divestiture, which is subject to FERC and DOJ approval, is expected to close in the fourth quarter of 2012.
Morgan Lewis served as legal advisor to Exelon on the transaction. The Morgan Lewis deal team was led by Business & Finance partner Barbara Shander and included Litigation and Environmental partner John McAleese III, Business & Finance associates Louis Ballezzi, Jared Zane and Kate Moll-Taylor, and Litigation associate Alexandra Freidberg.
For more information, please see the company’s press release.
