Following its initial investment in REC Solar in 2015, when it acquired a majority share of the company and February of 2015, Duke Energy has now purchased all of the company. With the purchase the company now has its own commercial solar company under its Duke Energy Renewables subsidiary, which already owns and operates nearly 3 gigawatts of wind and solar projects across the country.
"Duke Energy brings expertise in utility-scale renewables and enables us to be a one-stop-shop solution for customers in a complex marketplace," said Matthew Walz, president & CEO of REC Solar. "We can offer our customers access to more financing options and diverse energy choices, whether it be offsite or onsite, battery storage, solar power or wind generation."
While most of the projects it owns and operates are utility-scale projects, having REC Solar under its operations will allow it to invest in and develop more commercial projects. In fact, when Duke made its initial investment it said it intended to invest at least $225 million in REC Solar’s commercial solar projects.
"REC Solar complements our strengths in forming strategic partnerships with customers of all sizes," said Chris Fallon, vice president Duke Energy Renewables and Commercial Portfolio. "Energy solutions specifically tailored to the commercial consumer will expand renewable energy opportunities for enterprise, municipal, educational and business customers, large and small."
Duke Energy Renewables said the companies’ experience will complement each other. Duke Renewables has experience in offsite solar and wind energy generation as well as microgrids, battery storage and emerging technologies. It said that will complement REC's onsite solar expertise.
Duke Energy Renewables also has entered into unique arrangements to finance solar projects. For instance, Duke partnered with Google as the first customer in its Green Source Rider program. Under that program Google agreed to pay for all the costs of a 61 megawatt solar farm to ensure that it doesn’t impact Duke Energy’s other customers in North Carolina.
In another example, Duke Energy Renewables, REC Solar and Schneider Electric partnered with Montgomery County, MD, to incorporate solar and high-efficiency heat in a microgrid-as-a-service model. That project produces approximately 10.7 million kilowatt hours of solar energy annually.
Details, including the cash price of the purchase, were not disclosed.Tweet