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Duke Energy acquires full ownership of REC Solar

CTBR Staff Writer Published 07 December 2017

Duke Energy has acquired additional stake in California-based REC Solar to acquire full ownership of the company.

However, financial details of the transaction were not disclosed.

In February 2015, Duke Energy first acquired a majority interest in REC Solar, which currently offers commercial, public sector and utility-scale solar solutions.

The acquisition is expected to supplement REC's onsite solar expertise with Duke Energy Renewables' experience in offsite solar and wind energy generation, microgrid, battery storage and other emerging technologies.

Duke Energy Renewables and Commercial Portfolio vice president Chris Fallon said: "REC Solar complements our strengths in forming strategic partnerships with customers of all sizes.

"Energy solutions specifically tailored to the commercial consumer will expand renewable energy opportunities for enterprise, municipal, educational and business customers, large and small."

REC Solar will continue to be a part of Duke Energy's commercial renewables organization, Duke Energy Renewables.

Duke Energy Renewables mainly acquires, develops, builds and operates wind and solar renewable generation throughout the continental US. Its utility-scale wind and solar generation assets total 2,900MW across 14 states from 20 commercial wind and 63 solar projects.

REC Solar president and CEO Matthew Walz said: "Duke Energy brings expertise in utility-scale renewables and enables us to be a one-stop-shop solution for customers in a complex marketplace.

"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."

In November 2016, Green Charge and REC Solar had unveiled plans to construct a commercial solar-plus-energy storage project in Sonoma County.

Green Charge’s 1MW commercial energy storage system paired with REC Solar’s solar system was planned to be installed at SOMO Village in Rohnert Park, California.


Image: REC Solar will continue to be a part of Duke Energy Renewables. Photo courtesy of Duke Energy Corporation.