DUKE ACQUIRES REC SOLAR

Duke Energy and REC Solar team to make distributed solar more affordable and accessible to commercial customers

February 9, 2015 (Duke Energy/REC Solar)

Duke Energy acquired a controlling interest in commercial and industrial scale developer REC Solar and plans to invest up to $225 million in REC solar-developed projects. REC Solar began as a residential rooftop installer but last year sold that part of its business to Sunrun to focus on sales and financing of larger installations. REC Solar has over 400 commercial-industrial installations representing over 140 megawatts of capacity built or in development.

By offering third-party funding to finance installations, REC Solar allows its customers who do not want to invest cash and use the tax equity to avoid high up-front costs and ownership and maintenance responsibilities. Duke Energy Renewables has a commercial-industrial and utility-scale renewables portfolio of 15 wind projects and 22 solar installations in 12 states representing about 1,800 megawatts of total installed capacity. The $225 million fund will be used by REC Solar in markets across the country.click here for more

click to enlarge

Tweet