Debt and Credit Agreements (All Registrants)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt and Credit Agreements (All Registrants)

Debt and Credit Agreements (All Registrants)

Short-Term Borrowings

Exelon Corporate, ComEd, and BGE meet their short-term liquidity requirements primarily through the issuance of commercial paper. PECO meets its short-term liquidity requirements primarily through the issuance of commercial paper and borrowings from the Exelon intercompany money pool. Pepco, DPL, and ACE meet their short-term liquidity requirements primarily through the issuance of commercial paper and borrowings from the PHI intercompany money pool. PHI Corporate meets its short-term liquidity requirements primarily through the issuance of short-term notes and borrowings from the Exelon intercompany money pool. The Registrants may

use their respective credit facilities for general corporate purposes, including meeting short-term funding requirements and the issuance of letters of credit.

Commercial Paper

The following table reflects the Registrants' commercial paper programs supported by the revolving credit agreements and bilateral credit agreements as of December 31, 2021 and 2020:

	Maximum Program Size at December 31,				Outstanding Commercial Paper at December 31,				Average Interest Rate on Commercial Paper Borrowings at December 31,
Commercial Paper Issuer	2021(a)(b)(c)		2020(a)(b)(c)		2021		2020		2021		2020
Exelon(d)	$	9,000	$	9,000	$	1,301	$	1,031	0.52	%	0.25	%
ComEd	1,000		1,000		—		323		—	%	0.23	%
PECO	600		600		—		—		—	%	—	%
BGE	600		600		130		—		0.37	%	—	%
PHI(e)	900		900		469		368		0.35	%	0.24	%
Pepco	300		300		175		35		0.33	%	0.22	%
DPL	300		300		149		146		0.36	%	0.24	%
ACE	300		300		145		187		0.35	%	0.25	%

__________

(a)Excludes $1,200 million and $1,500 million in bilateral credit facilities as of December 31, 2021 and 2020, respectively, and $131 million and $144 million in credit facilities for project finance as of December 31, 2021 and 2020, respectively. These credit facilities do not back the commercial paper program relating to Generation.

(b)As of December 31, 2021, excludes $142 million of credit facility agreements arranged at minority and community banks, including $33 million, $33 million, $8 million, $8 million, $8 million, and $8 million, at ComEd, PECO, BGE, Pepco, DPL, and ACE, respectively. These facilities expire on October 7, 2022. These facilities are solely utilized to issue letters of credit. As of December 31, 2020, excludes $135 million of credit facility agreements arranged primarily at minority and community banks, including $32 million, $33 million, $8 million, $8 million, $8 million, and $8 million, at ComEd, PECO, BGE, Pepco, DPL, and ACE, respectively.

(c)Pepco, DPL, and ACE's revolving credit facility has the ability to flex to $500 million, $500 million, and $350 million, respectively. The borrowing capacity may be increased or decreased during the term of the facility, except that (i) the sum of the borrowing capacity must equal the total amount of the facility, and (ii) the aggregate amount of credit used at any given time by each of Pepco, DPL, or ACE may not exceed $900 million or the maximum amount of short-term debt the company is permitted to have outstanding by its regulatory authorities. The total number of the borrowing reallocations may not exceed eight per year during the term of the facility.

(d)Includes revolving credit agreement at Exelon Corporate with a maximum program size of $600 million as of December 31, 2021 and 2020. Exelon Corporate had no outstanding commercial paper as of December 31, 2021 and 2020.

(e)Represents the consolidated amounts of Pepco, DPL, and ACE.

In order to maintain their respective commercial paper programs in the amounts indicated above, each Registrant must have credit facilities in place, at least equal to the amount of its commercial paper program. A registrant does not issue commercial paper in an aggregate amount exceeding the then available capacity under its credit facility.

As of December 31, 2021, the Registrants had the following aggregate bank commitments, credit facility borrowings, and available capacity under their respective credit facilities:

								Available Capacity as of December 31, 2021
Borrower(a)	Facility Type	Aggregate Bank Commitment(b)		Facility Draws		Outstanding Letters of Credit		Actual		To Support Additional Commercial Paper(c)
Exelon(c)	Syndicated Revolver / Bilaterals / Project Finance	$	10,331	$	—	$	2,383	$	7,948	$	6,461
ComEd	Syndicated Revolver	1,000		—		2		998		998
PECO	Syndicated Revolver	600		—		—		600		600
BGE	Syndicated Revolver	600		—		—		600		470
PHI	Syndicated Revolver	900		—		—		900		431
Pepco	Syndicated Revolver	300		—		—		300		125
DPL	Syndicated Revolver	300		—		—		300		151
ACE	Syndicated Revolver	300		—		—		300		155

__________

(a)On February 1, 2022, Exelon Corporate and the Utility Registrants' respective syndicated revolving credit facilities were replaced with a new 5-year revolving credit facility.

(b)As of December 31, 2021, excludes $142 million of credit facility agreements arranged at minority and community banks, including $33 million, $33 million, $8 million, $8 million, $8 million, and $8 million, at ComEd, PECO, BGE, Pepco, DPL, and ACE, respectively. These facilities expire on October 7, 2022. These facilities are solely utilized to issue letters of credit. As of December 31, 2021, letters of credit issued under these facilities totaled $5 million, $1 million, and $2 million for ComEd, PECO, and BGE, respectively.

(c)Includes $600 million aggregate bank commitment related to Exelon Corporate. Exelon Corporate had $6 million outstanding letters of credit as of December 31, 2021. Exelon Corporate had $594 million in available capacity to support additional commercial paper as of December 31, 2021.

Revolving Credit Agreements

On February 1, 2022, Exelon Corporate and the Utility Registrants each entered into a new 5-year revolving credit facility that replaced its existing syndicated revolving credit facility. The following table reflects the credit agreements:

Borrower	Aggregate Bank Commitment		Interest Rate
Exelon Corporate	$	900	SOFR plus 1.275	%
ComEd	1,000		SOFR plus 1.000	%
PECO	600		SOFR plus 0.900	%
BGE	600		SOFR plus 0.900	%
Pepco	300		SOFR plus 1.075	%
DPL	300		SOFR plus 1.000	%
ACE	300		SOFR plus 1.075	%

Bilateral Credit Agreements

The following table reflects the bilateral credit agreements as of December 31, 2021:

Subsidiary	Date Initiated	Latest Amendment Date	Maturity Date(a)	Amount
Generation(b)(c)	January 11, 2013	March 1, 2021	March 1, 2023	$	100
Generation(b)	January 5, 2016	April 2, 2021	April 5, 2023	150
Generation(b)(c)	February 21, 2019	March 31, 2021	March 31, 2022	100
Generation(b)	October 25, 2019	N/A	N/A	200
Generation(b)	November 20, 2019	N/A	N/A	300
Generation(b)	November 21, 2019	N/A	N/A	150
Generation(b)	November 21, 2019	November 21, 2021	November 21, 2022	100
Generation(b)(d)	May 15, 2020	N/A	N/A	100

__________

(a)Credit facilities that do not contain a maturity date are specific to the agreements set within each contract. In some instances, credit facilities are automatically renewed based on the contingency standards set within the specific agreement.

(b)Bilateral credit agreements solely support the issuance of letters of credit and do not back the commercial paper program relating to Generation.

(c)The bilateral credit agreement was terminated on January 31, 2022.

(d)On February 9, 2022, the bilateral credit agreement increased to $200 million.

Borrowings under Exelon’s, ComEd’s, PECO’s, BGE's, Pepco's, DPL's, and ACE's revolving credit agreements bear interest at a rate based upon either the prime rate or a LIBOR-based rate, plus an adder based upon the particular Registrant’s credit rating. The adders for the prime based borrowings and LIBOR-based borrowings are presented in the following table:

	Exelon(a)	ComEd	PECO	BGE	Pepco	DPL	ACE
Prime based borrowings	0 - 27.5	—	—	—	7.5	—	7.5
LIBOR-based borrowings	90.0 - 127.5	100.0	90.0	90.0	107.5	100.0	107.5

__________

(a)Includes interest rate adders at Exelon Corporate of 27.5 basis points and 127.5 basis points for prime and LIBOR-based borrowings, respectively.

If any registrant loses its investment grade rating, the maximum adders for prime rate borrowings and LIBOR-based rate borrowings would be 65 basis points and 165 basis points, respectively. The credit agreements also require the borrower to pay a facility fee based upon the aggregate commitments. The fee varies depending upon the respective credit ratings of the borrower.

Short-Term Loan Agreements

On March 23, 2017, Exelon Corporate entered into a term loan agreement for $500 million. The loan agreement was renewed on March 17, 2021 and will expire on March 16, 2022. Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate equal to LIBOR plus 0.65% and all indebtedness thereunder is unsecured. The loan agreement is reflected in Short-term borrowings in Exelon's Consolidated Balance Sheet.

On March 24, 2021, Exelon Corporate entered into a 9-month term loan agreement for $200 million. Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate equal to LIBOR plus 0.65% and all indebtedness thereunder is unsecured. Exelon Corporate repaid the term loan on December 22, 2021.

On March 31, 2021, Exelon Corporate entered into a 9-month and 364-day term loan agreement for $150 million each with variable interest rates of LIBOR plus 0.65% and expiration dates of December 31, 2021 and March 30, 2022, respectively. The 364-day loan agreement is reflected in Short-term borrowings in Exelon's Consolidated Balance Sheet. Exelon Corporate repaid the 9-month term loan on December 29, 2021.

In connection with the separation, on January 24, 2022, Exelon Corporate entered into a 364-day term loan agreement for $1.15 billion. The loan agreement will expire on January 23, 2023. Pursuant to the loan

agreement, loans made thereunder bear interest at a variable rate equal to SOFR plus 0.75% and all indebtedness thereunder is unsecured.

On March 19, 2020, Generation entered into a term loan agreement for $200 million. The loan agreement was renewed on March 17, 2021 and will expire on March 16, 2022. Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate equal to LIBOR plus 0.875% and all indebtedness thereunder is unsecured. The loan agreement is reflected in Short-term borrowings in Exelon's Consolidated Balance Sheet. In connection with the separation, Generation repaid the term loan on January 26, 2022.

On March 31, 2020, Generation entered into a term loan agreement for $300 million. The loan agreement was renewed on March 30, 2021 and will expire on March 29, 2022. Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate equal to LIBOR plus 0.70% and all indebtedness thereunder is unsecured. The loan agreement is reflected in Short-term borrowings in Exelon's Consolidated Balance Sheet.

On August 6, 2021, Generation entered into a 364-day term loan agreement for $880 million to fund the purchase of EDF's equity interest in CENG. Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate of LIBOR plus 0.875% until March 31, 2022 and a rate of LIBOR plus 1% thereafter and all indebtedness thereunder is unsecured. The loan agreement is reflected in Short-term borrowings in Exelon's Consolidated Balance Sheet. The loan agreement was amended on January 24, 2022 to change the maturity date to June 30, 2022 from August 5, 2022. See Note 2 — Mergers, Acquisitions, and Dispositions for additional information.

On January 25, 2021, ComEd entered into two 90-day term loan agreements of $125 million each with variable interest rates of LIBOR plus 0.50% and LIBOR plus 0.75%, respectively. ComEd repaid the term loans on March 9, 2021.

Variable Rate Demand Bonds

DPL has outstanding obligations in respect of Variable Rate Demand Bonds (VRDB). VRDBs are subject to repayment on the demand of the holders and, for this reason, are accounted for as short-term debt in accordance with GAAP. However, these bonds may be converted to a fixed-rate, fixed-term option to establish a maturity which corresponds to the date of final maturity of the bonds. On this basis, PHI views VRDBs as a source of long-term financing. As of both December 31, 2021 and December 31, 2020, $79 million in variable rate demand bonds issued by DPL were outstanding and are included in the Long-term debt due within one year in Exelon's, PHI's, and DPL's Consolidated Balance Sheet.

Long-Term Debt 

The following tables present the outstanding long-term debt at the Registrants as of December 31, 2021 and 2020:

Exelon

						Maturity Date	December 31,
	Rates						2021		2020
Long-term debt
First mortgage bonds(a)(b)(c)	0.14	%	-	7.90	%	2022 - 2051	$	20,751	$	18,915
Senior unsecured notes	3.25	%	-	7.60	%	2022 - 2050	10,285		10,585
Unsecured notes	2.25	%	-	6.35	%	2022 - 2050	4,000		3,700
Notes payable and other	1.64	%	-	7.49	%	2022 - 2053	189		170
Junior subordinated notes				3.50	%	2022	1,150		1,150
Long-term software licensing agreement	3.62	%	-	3.95	%	2024 - 2025	9		30
Unsecured tax-exempt bonds	0.12	%	-	1.70	%	2022 - 2024	143		143
Medium-terms notes (unsecured)				7.72	%	2027	10		10
Transition bonds				5.55	%	2021	—		21
Loan agreement(d)				2.00	%	2023	50		50
Nonrecourse debt:
Fixed rates	2.29	%	-	6.00	%	2031 - 2037	909		977
Variable rates	2.98	%	-	3.50	%	2026 - 2027	870		765
Total long-term debt							38,366		36,516
Unamortized debt discount and premium, net							(77)		(77)
Unamortized debt issuance costs							(262)		(248)
Fair value adjustment							670		721
Long-term debt due within one year							(3,373)		(1,819)
Long-term debt							$	35,324	$	35,093
Long-term debt to financing trusts(e)
Subordinated debentures to ComEd Financing III				6.35	%	2033	$	206	$	206
Subordinated debentures to PECO Trust III	5.25	%	-	7.38	%	2028	81		81
Subordinated debentures to PECO Trust IV				5.75	%	2033	103		103
Total long-term debt to financing trusts							$	390	$	390

__________

(a)Substantially all of ComEd’s assets other than expressly excepted property and substantially all of PECO’s, Pepco's, DPL's, and ACE's assets are subject to the liens of their respective mortgage indentures.

(b)On November 16, 2021, DPL entered into a purchase agreement of First Mortgage Bonds of $125 million at 3.06% due on February 15, 2052. The closing date of the issuance occurred on February 15, 2022.

(c)On November 16, 2021, ACE entered into a purchase agreement of First Mortgage Bonds of $25 million and $150 million at 2.27% and 3.06% due on February 15, 2032 and February 15, 2052, respectively. The closing date of the issuance occurred on February 15, 2022.

(d)In connection with the separation, Exelon Corporate entered into three 18-month term loan agreements. On January 21, 2022, two of the loan agreements were issued for $300 million each with an expiration date of July 21, 2023. On January 24, 2022, the third loan agreement was issued for $250 million with an expiration date of July 24, 2023. Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate equal to SOFR plus 0.65%.

(e)Amounts owed to these financing trusts are recorded as Long-term debt to financing trusts within Exelon’s Consolidated Balance Sheet.

ComEd

						Maturity Date	December 31,
	Rates						2021		2020
Long-term debt
First mortgage bonds(a)	2.20	%	-	6.45	%	2024 - 2051	$	9,879	$	9,079
Other				7.49	%	2053	8		8
Total long-term debt							9,887		9,087
Unamortized debt discount and premium, net							(27)		(28)
Unamortized debt issuance costs							(87)		(76)
Long-term debt due within one year							—		(350)
Long-term debt							$	9,773	$	8,633
Long-term debt to financing trust(b)
Subordinated debentures to ComEd Financing III				6.35	%	2033	$	206	$	206
Total long-term debt to financing trusts							206		206
Unamortized debt issuance costs							(1)		(1)
Long-term debt to financing trusts							$	205	$	205

__________

(a)Substantially all of ComEd’s assets, other than expressly excepted property, are subject to the lien of its mortgage indenture.

(b)Amount owed to this financing trust is recorded as Long-term debt to financing trust within ComEd’s Consolidated Balance Sheet.

PECO

						Maturity Date	December 31,
	Rates						2021		2020
Long-term debt
First mortgage bonds(a)	2.38	%	-	5.95	%	2022 - 2051	$	4,200	$	3,750
Loan agreement				2.00	%	2023	50		50
Total long-term debt							4,250		3,800
Unamortized debt discount and premium, net							(20)		(20)
Unamortized debt issuance costs							(33)		(27)
Long-term debt due within one year							(350)		(300)
Long-term debt							$	3,847	$	3,453
Long-term debt to financing trusts(b)
Subordinated debentures to PECO Trust III	5.25	%	-	7.38	%	2028	$	81	$	81
Subordinated debentures to PECO Trust IV				5.75	%	2033	103		103
Long-term debt to financing trusts							$	184	$	184

__________

(a)Substantially all of PECO’s assets are subject to the lien of its mortgage indenture.

(b)Amounts owed to this financing trust are recorded as Long-term debt to financing trusts within PECO’s Consolidated Balance Sheet.

BGE

						Maturity Date	December 31,
	Rates						2021		2020
Long-term debt
Unsecured notes	2.25	%	-	6.35	%	2022 - 2050	$	4,000	$	3,700
Total long-term debt							4,000		3,700
Unamortized debt discount and premium, net							(12)		(12)
Unamortized debt issuance costs							(27)		(24)
Long-term debt due within one year							(250)		(300)
Long-term debt							$	3,711	$	3,364

PHI

						Maturity Date	December 31,
	Rates						2021		2020
Long-term debt
First mortgage bonds(a)	0.14	%	-	7.90	%	2022 - 2051	$	6,672	$	6,086
Senior unsecured notes				7.45	%	2032	185		185
Unsecured tax-exempt bonds	0.12	%	-	1.70	%	2022 - 2024	143		143
Medium-terms notes (unsecured)				7.72	%	2027	10		10
Transition bonds				5.55	%	2021	—		21
Finance leases				3.54	%	2022 - 2029	74		50
Other(b)	7.28	%	-	7.49	%	2022	—		1
Total long-term debt							7,084		6,496
Unamortized debt discount and premium, net							4		4
Unamortized debt issuance costs							(36)		(28)
Fair value adjustment							495		534
Long-term debt due within one year							(399)		(347)
Long-term debt							$	7,148	$	6,659

_________

(a)Substantially all of Pepco's, DPL's, and ACE's assets are subject to the liens of their respective mortgage indentures.

(b)The amount in the Other category was less than 1 million as of December 31, 2021.

Pepco

						Maturity Date	December 31,
	Rates						2021		2020
Long-term debt
First mortgage bonds(a)	2.32	%	-	7.90	%	2022 - 2051	$	3,350	$	3,075
Unsecured tax-exempt bonds				1.70	%	2022	110		110
Finance leases				3.54	%	2025 - 2029	26		17
Other(b)	7.28	%	-	7.49	%	2022	—		1
Total long-term debt							3,486		3,203
Unamortized debt discount and premium, net							2		2
Unamortized debt issuance costs							(43)		(40)
Long-term debt due within one year							(313)		(3)
Long-term debt							$	3,132	$	3,162

________

(a)Substantially all of Pepco's assets are subject to the lien of its mortgage indenture.

(b)The amount in the Other category was less than 1 million as of December 31, 2021.

DPL

						Maturity Date	December 31,
	Rates						2021		2020
Long-term debt
First mortgage bonds(a)(b)	0.14	%	-	4.27	%	2023 - 2051	$	1,749	$	1,624
Unsecured tax-exempt bonds	0.12	%	-	0.13	%	2024	33		33
Medium-terms notes (unsecured)				7.72	%	2027	10		10
Finance leases				3.54	%	2025 - 2029	29		20
Total long-term debt							1,821		1,687
Unamortized debt discount and premium, net							—		1
Unamortized debt issuance costs							(11)		(11)
Long-term debt due within one year							(83)		(82)
Long-term debt							$	1,727	$	1,595

__________

(a)Substantially all of DPL's assets are subject to the lien of its mortgage indenture.

(b)On November 16, 2021, DPL entered into a purchase agreement of First Mortgage Bonds of $125 million at 3.06% due on February 15, 2052. The closing date of the issuance occurred on February 15, 2022.

ACE

						Maturity Date	December 31,
	Rates						2021		2020
Long-term debt
First mortgage bonds(a)(b)	2.25	%	-	5.80	%	2024 - 2050	$	1,573	$	1,387
Transition bonds				5.55	%	2021	—		21
Finance leases				3.54	%	2022 - 2029	19		13
Total long-term debt							1,592		1,421
Unamortized debt discount and premium, net							(1)		(1)
Unamortized debt issuance costs							(9)		(7)
Long-term debt due within one year							(3)		(261)
Long-term debt							$	1,579	$	1,152

__________

(a)Substantially all of ACE's assets are subject to the lien of its mortgage indenture.

(b)On November 16, 2021, ACE entered into a purchase agreement of First Mortgage Bonds of $25 million and $150 million at 2.27% and 3.06% due on February 15, 2032 and February 15, 2052, respectively. The closing date of the issuance occurred on February 15, 2022.

Long-term debt maturities at the Registrants in the periods 2022 through 2026 and thereafter are as follows:

Year	Exelon			ComEd			PECO			BGE		PHI		Pepco		DPL		ACE
2022	$	3,373		$	—		$	350		$	250	$	399	$	313	$	83	$	3
2023	865			—			50			300		512		4		505		3
2024	818			250			—			—		562		404		5		153
2025	2,223			—			350			—		162		4		5		153
2026	1,725			500			—			350		11		4		4		3
Thereafter	29,752		(a)	9,342		(b)	3,684		(c)	3,100		5,438		2,757		1,219		1,277
Total	$	38,756		$	10,092		$	4,434		$	4,000	$	7,084	$	3,486	$	1,821	$	1,592

__________

(a)Includes $390 million due to ComEd and PECO financing trusts.

(b)Includes $206 million due to ComEd financing trust.

(c)Includes $184 million due to PECO financing trusts.

Long-Term Debt to Affiliates

In connection with the debt obligations assumed by Exelon as part of the Constellation merger, Exelon and subsidiaries of Generation (former Constellation subsidiaries) entered into intercompany loan agreements that mirror the terms and amounts of the third-party debt obligations of Exelon, resulting in intercompany notes receivable at Exelon Corporate from Generation. As of December 31, 2021 and 2020, Exelon Corporate had $319 million and $324 million, respectively, recorded to intercompany notes receivable from Generation. In connection with the separation, on January 31, 2022, Exelon Corporate received cash from Generation of $258 million to settle the intercompany loan.

Debt Covenants

As of December 31, 2021, the Registrants are in compliance with debt covenants.

Nonrecourse Debt 

Exelon, through Generation, has issued nonrecourse debt financing, in which approximately $2 billion of generating assets have been pledged as collateral as of December 31, 2021. Borrowings under these agreements are secured by the assets and equity of each respective project. The lenders do not have recourse against Exelon in the event of a default. If a specific project financing entity does not maintain compliance with its specific nonrecourse debt financing covenants, there could be a requirement to accelerate repayment of the associated debt or other borrowings earlier than the stated maturity dates. In these instances, if such repayment was not satisfied, the lenders or security holders would generally have rights to foreclose against the project-specific assets and related collateral. The potential requirement to satisfy its associated debt or other borrowings earlier than otherwise anticipated could lead to impairments due to a higher likelihood of disposing of the respective project-specific assets significantly before the end of their useful lives.

Antelope Valley Solar Ranch One. In December 2011, the DOE Loan Programs Office issued a guarantee for up to $646 million for a nonrecourse loan from the Federal Financing Bank to support the financing of the construction of the Antelope Valley facility. The project became fully operational in 2014. The loan will mature on January 5, 2037. Interest rates on the loan were fixed upon each advance at a spread of 37.5 basis points above U.S. Treasuries of comparable maturity. The advances were completed as of December 31, 2015 and the outstanding loan balance will bear interest at an average blended interest rate of 2.82%. As of December 31, 2021 and December 31, 2020, approximately $435 million and $460 million were outstanding, respectively. In addition, letters of credit were issued to support Generation's equity investment in the project with $37 million outstanding as of December 31, 2021. In December 2017, Exelon’s interests in Antelope Valley were contributed to and are pledged as collateral for the CR financing structures referenced below.

Continental Wind, LLC.  In September 2013, Continental Wind, an indirect subsidiary of Exelon, completed the issuance and sale of $613 million senior secured notes. Continental Wind owns and operates a portfolio of wind farms in Idaho, Kansas, Michigan, Oregon, New Mexico, and Texas with a total net capacity of 667 MW. The net proceeds were distributed to Generation for its general business purposes. The notes are scheduled to mature on February 28, 2033. The notes bear interest at a fixed rate of 6.00% with interest payable semi-annually. As of December 31, 2021 and December 31, 2020, approximately $380 million and $415 million were outstanding, respectively.

In addition, Continental Wind has a $122 million letter of credit facility and $4 million working capital revolver facility. Continental Wind has issued letters of credit to satisfy certain of its credit support and security obligations. As of December 31, 2021, the Continental Wind letter of credit facility had $115 million in letters of credit outstanding related to the project.

In 2017, Exelon’s interests in Continental Wind were contributed to CRP. Refer to Note 23 - Variable Interest Entities for additional information on CRP.

Renewable Power Generation.  In March 2016, RPG, an indirect subsidiary of Exelon, issued $150 million aggregate principal amount of a nonrecourse senior secured notes. The net proceeds were distributed to Generation for paydown of long term debt obligations at Sacramento PV Energy and Constellation Solar Horizons and for general business purposes. The loan is scheduled to mature on March 31, 2035. The term loan

bears interest at a fixed rate of 4.11% payable semi-annually. As of December 31, 2021 and December 31, 2020, approximately $90 million and $95 million were outstanding, respectively.

In 2017, Exelon’s interests in RPG were contributed to CRP. Refer to Note 23 - Variable Interest Entities for additional information on CRP.

SolGen, LLC.  In September 2016, SolGen, an indirect subsidiary of Exelon, issued $150 million aggregate principal amount of a nonrecourse senior secured notes. The net proceeds were distributed to Generation for general business purposes. On December 8, 2020, Generation entered into an agreement with an affiliate of Brookfield Renewable, for the sale of a significant portion of Generation's solar business. The sale was completed on March 31, 2021 in which the buyer assumed the $125 million outstanding debt. See Note 2 — Mergers, Acquisitions, and Dispositions for additional information on the sale agreement.

Constellation Renewables.  In November 2017, CR, an indirect subsidiary of Exelon, entered into an $850 million nonrecourse senior secured term loan credit facility agreement with a maturity date of November 28, 2024. In addition to the financing, CR entered into interest rate swaps with an initial notional amount of $636 million at an interest rate of 2.32% to manage a portion of the interest rate exposure in connection with the financing.

In December 2020, CR entered into a financing agreement for a $750 million nonrecourse senior secured term loan credit facility, scheduled to mature on December 15, 2027. The term loan bears interest at a variable rate equal to LIBOR plus 2.50%, subject to a 1% LIBOR floor with interest payable quarterly. In addition to the financing, CR entered into interest rate swaps with an initial notional amount of $516 million at an interest rate of 1.05% to manage a portion of the interest rate exposure in connection with the financing.

The proceeds were used to repay the November 2017 nonrecourse senior secured term loan credit facility of $850 million, of which $709 million was outstanding as of the retirement date in December of 2020, and to settle the November 2017 interest rate swap. Exelon’s interests in CRP and Antelope Valley remained contributed to and are pledged as collateral for this financing. As of December 31, 2021 and December 31, 2020, $735 million and $750 million was outstanding, respectively. See Note 23 — Variable Interest Entities for additional information on CRP and Note 16 — Derivative Financial Instruments for additional information on interest rate swaps.

West Medway II, LLC. On May 13, 2021, West Medway II, LLC (West Medway II), an indirect subsidiary of Exelon, entered into a financing agreement for a $150 million nonrecourse senior secured term loan credit facility with a maturity date of March 31, 2026. The term loan bears interest at an average blended interest rate of LIBOR plus 3%, paid quarterly. In addition to the financing, West Medway II, entered into interest rate swaps with an initial notional amount of $113 million at an interest rate of 0.61%, paid quarterly, to manage a portion of the interest rate exposure in connection with the financing. The net proceeds were distributed to Generation for general corporate purposes. Exelon’s interests in West Medway II, were pledged as collateral for this financing. As of December 31, 2021, approximately $135 million was outstanding. See Note 16 — Derivative Financial Instruments for additional information on interest rate swaps.