Duke Energy Renewables acquires 200-MWac Texas solar project from Canadian Solar

  • Sep 12, 2019
  • PR Newswire

CHARLOTTE, N.C. and GUELPH, Ontario, Sept. 12, 2019 /PRNewswire/ -- Duke Energy Renewables, a subsidiary of Duke Energy (NYSE: DUK), is expanding its solar energy portfolio by acquiring the 200-megawatt (MWac) / 266-megawatt peak (MWp) Rambler solar project from Recurrent Energy, a wholly-owned subsidiary of Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ). The project will be located in Tom Green County, Texas and is expected to achieve commercial operation in mid-2020.

The energy generated from the Rambler solar project will be sold to a customer under a 15-year agreement. The 200-MWac project will utilize more than 733,000 of Canadian Solar's high efficiency bifacial BiKu modules across approximately 1,700 acres west of San Angelo, Texas. Rambler will power the equivalent of 40,000 homes, and Duke Energy Renewables will provide long-term operations and maintenance services to the project.

"We're pleased to continue our expansion of solar energy resources in Texas, which is seeing increasing demand for power," said Rob Caldwell, president of Duke Energy Renewables. "In addition to generating clean energy, this project will also bring significant economic benefits to the state."

The project is expected to employ 400 workers at peak construction. Along with indirect economic benefits that accompany solar project development – such as increased local spending in the service and construction industries – Rambler will also directly provide several million dollars to Tom Green County and to the local school district over the 40-year life of the project.

"With over one gigawatt of contracted projects in ERCOT's service territory, we are proud that Recurrent Energy continues to lead solar energy development in Texas, one of the fastest growing U.S. states for the solar industry," said Shawn Qu, chairman and CEO of Canadian Solar. "It has been our pleasure to rekindle our long relationship with Duke Energy Renewables' talented team through this strategic transaction."

The Rambler solar project, which is the fifth acquisition by Duke Energy Renewables this year, will be the company's fourth solar generation facility in Texas. The Rambler solar project also represents one of seven large-scale projects in Recurrent Energy's development portfolio within the state.

Canadian Solar expects to recognize the majority of the revenue from the sale of the project in the third quarter of 2019.

Since 2010, Duke Energy and Recurrent Energy have now partnered on six solar projects, including four equity transactions. Duke Energy has also purchased equity stakes in solar projects developed by Recurrent Energy that include Ajo and Bagdad located in Arizona and the Sunset Reservoir project located in San Francisco. Duke Energy subsidiaries have also purchased electricity from the North Carolina IS-42 and NC 102 projects, for which Recurrent Energy played a development or construction oversight role.

Duke Energy Renewables

Duke Energy Renewables, a nonregulated unit of Duke Energy, operates wind and solar generation facilities across the U.S., with a total electric capacity of 3,000 megawatts. Duke Energy is one of the nation's top renewable energy providers – on track to own or purchase 8,000 megawatts of wind, solar and biomass energy by 2020. The power is sold to electric utilities, electric cooperatives, municipalities, and commercial and industrial customers. The unit also operates energy storage and microgrid projects. Visit Duke Energy Renewables for more information.

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of the largest energy holding companies in the U.S. It employs 30,000 people and has an electric generating capacity of 51,000 megawatts through its regulated utilities, in addition to Duke Energy Renewables' capacity.

Duke Energy was named to Fortune's 2019 "World's Most Admired Companies" list, and Forbes' 2019 "America's Best Employers" list. More information about the company is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos, videos and other materials. Duke Energy's illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.

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