Exelon Corp. and SunPower Corp. plan to develop the nation's largest urban solar power plant at a former industrial site on Chicago's South Side.
The $60 million, 10-megawatt photovoltaic array is scheduled for completion by year-end, contingent on getting federal loan guarantees from the Energy Department, the companies said today in a statement. Chicago-based Exelon wants to finance 80 percent of the project with help of a loan guarantee.
SunPower, the second-biggest U.S. solar power manufacturer, wants to construct more power-plant sized solar parks to profit from rules that require utilities to buy a portion of their electricity from renewable sources.
The project's 32,800 solar panels will be located on a 39-acre industrial site. Exelon will sell the electricity generated by the plant, enough for 1,200 to 1,500 homes, in wholesale markets to other utilities.
The project will create about 200 jobs during construction, the companies said.
First Solar Corp. is the largest U.S. solar manufacturer by market value.