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Exelon to sell 3 Baltimore-area power plants

Exelon Corp., of Chicago, which in March acquired Baltimore-based Constellation Energy Group, said Thursday it will sell three coal-fired power plants formerly owned by Constellation for approximately $400 million.

The plants are Brandon Shores and H.A. Wagner in Pasadena, and C.P. Crane in Middle River. The buyer is Raven Power Holdings LLC, a new portfolio company of Riverstone Holdings LLC, a New York-based private equity firm focused on the power and energy sectors.

Exelon said the sale fulfills its commitment to divest the plants as part of its acquisition of Constellation. In addition to the sale price, Exelon will realize about $205 million in cash tax benefits, and will record a pre-tax loss associated with the sale of about $275 million in the third quarter. Under the sale agreement, the plants’ employees will keep their jobs with comparable pay and benefits, Exelon said.