This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Solar Power Coming to Chicago's South Side

SunPower (SPWRA) and Exelon (EXC - Get Report) are planning the nation's largest urban solar power plant at a former industrial site on Chicago's South Side.

The 10-megawatt solar photovoltaic (PV) facility is scheduled for completion by the end of this year, the companies announced in a joint statement Wednesday.

The $60 million project is contingent upon Exelon receiving a federal loan guarantee under the recently passed federal stimulus legislation, which includes provisions for investment in green jobs and emissions reduction. Exelon is seeking a loan guarantee for up to 80% of the project cost from the U.S. Department of Energy.

Chicago Site of SunPower and Exelon's Planned Solar Power Facility

Shares of SunPower were at $26.41 in late-morning trading, up 4.4%.

Exelon, a Chicago-based electric utilities company, plans to lease 39 acres of the West Pullman Industrial Redevelopment Area from the city for the project. The former industrial site is a "brownfield" property. Exelon Generation will own and operate the plant and market the electricity and solar renewable energy certificates (SRECs) it generates. SunPower will design, manufacture and install the solar system.

"Today, SunPower's solar PV technology can be implemented anywhere and at any scale -- from rooftops, to parking lots, to utility-scale power plants, and urban industrial sites," said SunPower CEO Tom Werner.

The 32,800 solar panels will provide enough electricity to meet the annual requirements of 1,200 to 1,500 homes per year, the companies say. According to the Environmental Protection Agency, the installation will displace approximately 31.2 million pounds of greenhouse gas emissions annually, the equivalent of taking more than 2,500 cars off the road or planting more than 3,200 acres of forest.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
LDK $0.00 0.00%
CSIQ $36.36 0.00%
EXC $34.06 0.00%
FSLR $63.43 0.00%
GPRE $31.77 0.00%


DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs