Duke Energy has announced a US$500 million commitment to a major expansion of solar power in North Carolina, USA.
This culminates the company's request for proposals (RFP) issued in February 2014 for new solar capacity. It will help Duke Energy further its commitment to renewable energy, diversify its energy portfolio and meet North Carolina's Renewable Energy and Energy Efficiency Portfolio Standard (REPS). It also provides customers greater access to renewable energy in a cost-effective manner.
The company will acquire and construct three solar facilities, totaling 128 MW of capacity. Duke Energy will own the following projects:
Duke Energy also signed power-purchase agreements with five new solar projects in the state, representing 150 MW of capacity. Together, the eight projects will have a capacity of 278 MW. The $500 million commitment includes the investment in the three facilities and the value of the five long-term power-purchase contracts. The firm will purchase power from these new projects:
In addition to these five power-purchase agreements, Duke Energy has signed 33 other agreements in North Carolina in 2014 for projects totaling 109 MW of capacity.