Exelon is one of the nations's largest electric utilities. The Exelon solar power plant would consist of more than 30,000 solar panels on a site in Chicago's West Pullman neighborhood.
Exelon says it would generate enough electricity to power about 1,200 homes.
The Chicago city council has approved a lease for the vacant industrial site, which is considered a brownfield.
The plant may have local support, but it will still take a major federal commitment to make it happen.
Exelon says the project depends on government guarantees for some 50 million dollars in loans, about 80 percent of the cost.