Duke Energy Renewables has reached an agreement with REC Solar of San Luis Obispo to invest $225 million over the next several years and solar projects for commercial customers after consummating a deal for a majority stake in the Southern California solar company.
Duke Energy has explored investments in solar energy in the past.
Duke Energy said last year it is spending $500 million to build three solar-power facilities and buy power from five more to meet requirements that 6 percent of its 2015 retail sales come from renewables.
Duke Energy Florida discuss building a solar farm in mid-Pinellas County, a plan that was later shelved in late January.
The Tampa Bay Times reported last summer that Duke was considering about 22 acres of county-owned land for a solar farm
Mark Manly, head of Duke Energy Corp.’s (NYSE:DUK) unregulated, non-utility operations that include Duke Renewables, says REC Solar has proved its ability to deliver solar projects for commercial customers in the retail, manufacturing, agriculture, technology, government and nonprofit markets.
“Through this arrangement, REC Solar will be better equipped to expand its offerings to commercial customers and provide an array of cost-efficient energy solutions,” he says. It also builds on “Duke Energy’s mission of giving commercial customers solutions that reduce energy costs and achieve their sustainability goals,” he adds.