December 1, 2009 (FinancialWire) — Constellation Energy (NYSE: CEG) said it has signed an agreement with Clipper Windpower, Inc. to acquire the Criterion wind project in Garrett County, Md.

The $140 million, 70-megawatt wind energy project would be developed, constructed, owned and operated by Constellation Energy.

According to Constellation, the farm would provide enough electricity to meet the annual equivalent usage of an estimated 23,000 households.

Under terms of the agreement, Constellation Energy will purchase from Clipper Windpower the Criterion project and 28 of Clipper’s 2.5-megawatt Liberty wind turbines. The Criterion project has received the necessary state approvals. Criterion’s 2008 state application was the first to win approval under a 2007 state law promoting wind development in Maryland.

The Constellation Energy-Clipper Windpower agreement, which is subject to certain terms and conditions, is expected to close in the first quarter of 2010. Commercial operation of the wind energy facility is anticipated in the fall of 2010.

The Criterion project has entered into a 20-year power purchase agreement with the Old Dominion Electric Cooperative for energy and renewable energy credits produced by the wind facility. Old Dominion is a not-for-profit wholesale power provider serving public electric cooperatives in Maryland, Delaware and Virginia.

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