US-based utility Duke Energy has acquired a majority interest in REC Solar as part of a plan to jointly provide more affordable solar power to customers.
Financial and shareholding details were not disclosed. Under the agreement, Duke Energy will invest up to US$225 million in commercial solar projects developed by REC Solar and supported by long-term power purchase agreements. REC Solar will deliver a simple sales and financing process for commercial-scale customers, similar to that provided by residential solar companies. REC Solar serves key sectors including retail, manufacturing, agriculture, technology, government and nonprofits.
“This arrangement will build on Duke Energy’s mission of giving commercial customers solutions that reduce energy costs and achieve their sustainability goals,” said Marc Manly, Duke Energy executive vice president and president – Commercial Portfolio.
“With its long track record and commitment to quality, safety and customer service, REC Solar has demonstrated years of success in delivering solar power,” added Manly. “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.
“We plan to extend the benefits of clean, distributed energy solutions to previously underserved small and medium-sized businesses,” said Allen Bucknam, chief executive officer, REC Solar. “The Duke Energy relationship realizes our strategy to be the one-stop shop for commercial solar by securing a predictable and streamlined customer financing process.”
REC Solar has completed more than 400 solar projects, and more than 140-megawatts of distributed solar deployed or under construction.