Blog Coverage Exelon Sells 49% of its Membership Stake in Renewable Partners

Upcoming AWS Coverage on FuelCell Energy Post-Earnings Results

LONDON, UK / ACCESSWIRE / April 5, 2017 / Active Wall St. blog coverage looks at the headline from Exelon Corp. (NYSE: EXC). ExGen Renewables Holdings, LLC, a wholly-owned subsidiary of Exelon Corp., announced on March 31, 2017, that it has entered into a purchase agreement with John Hancock Life Insurance Company, pursuant to which, Hancock has agreed to purchase 49% of the membership interests of ExGen Renewable Partners, LLC. The unit under consideration currently owns and operates approximately 1,296 megawatts of operating wind and solar electric generating facilities. The portfolio being acquired consists of 30 different projects located in 13 states and represents approximately 34.9% of Exelon’s renewable generation assets and 4.0% of Exelon’s net generating assets. Register with us now for your free membership and blog access at:

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One of Exelon’s competitors within the Diversified Utilities space, FuelCell Energy, Inc. (NASDAQ: FCEL), reported on March 09, 2017, first quarter 2017 financial results and business update. AWS will be initiating a research report on FuelCell Energy in the coming days.

Today, AWS is promoting its blog coverage on EXC; touching on FCEL. Get all of our free blog coverage and more by clicking on the link below:

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The Remarketing Announcement

On April 03, 2017, Exelon Corporation completed the remarketing of $1.15 billion aggregate principal amount of its 2.50% Junior Subordinate Notes due 2024, originally issued as the components of its Equity Units issued in June 2014. The Company made this announcement as remarketing on behalf of Equity units, while not receiving any proceeds directly from the remarketing. The proceeds from remarketing were used to purchase a portfolio of treasury securities maturing on or about May 31, 2017. The Company expects that a portion of the funds generated upon maturity of the portfolio will be used to settle with the Company on June 01, 2017, the purchase contracts issued as part of the Equity Units.

Entergy Corp./Exelon Deal

Exelon Generation, the owner of the nation’s largest nuclear energy fleet, announced on March 31, 2017, that it has assumed ownership and management of operations of James A. FitzPatrick Nuclear Power Plant in Scriba, New York. The agreement was initially announced on August 09, 2016, after the Clean Energy Standard (CES) was adopted in New York. The James A. FitzPatrick Nuclear Power plant generates carbon-free electricity for more than 800,000 thousand homes and businesses through its 838-megawatt capacity.

Currently, CES is credited with contributing $3 billion annually through its non-conventional energy source portfolio. The CES will help in creating 25,000 direct and indirect jobs while assisting the development of a world-class energy infrastructure. Under the terms of the agreement, Entergy transferred FitxPatrick’s operating license to Exelon for about $110 million, where Exelon plans to maintain the current staff strength of 600 people.

Exelon’s Growth Portfolio

The Company has been executing a portfolio unification strategy, under which it has shifted its focus to long-term sustainable solutions, including nuclear power plants. Currently, Exelon Generation operates two other nuclear energy facilities in upstate New York: R.E. Ginna and Nine Mile Point, where Mile Point is located adjacent to the latest acquisition. The three nuclear power plants under Exelon’s portfolio currently employs more than 2,100 full-time workers while delivering carbon-free electricity to more than 3 million homes and businesses.

Details of the transaction

The purchase price for this agreement is about $400 million and is subject to certain working capital and other post-closing adjustments. Exelon plans to use the sale proceeds to pay down its debt and for regular corporate purposes. The closing of this transaction is expected in Q2 FY17 or early Q3 FY17 where it is subject to certain customary closing conditions. This sale of membership interests in Exelon Renewable Partners is viewed as the next step to pay down debts and generate better cash flow from core operations. The transaction, however, does not impact Exelon Generation’s commitment to advancing clean energy and supporting the existing renewables business.

Stock Performance

On Tuesday, April 04, 2017, the stock closed the trading session at $36.14, rising slightly by 0.89% from its previous closing price of $35.82. A total volume of 5.04 million shares have exchanged hands, which was higher than the 3-month average volume of 4.90 million shares. Exelon’s stock price advanced 3.67% in the last three months, 12.44% in the past six months, and 8.44% in the previous twelve months. The Company’s shares are trading at a PE ratio of 29.55 and have a dividend yield of 3.62%. At Tuesday’s closing price, the stock’s net capitalization stands at $33.67 billion.

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