Duke Energy Unveils $500M Investment in Solar Projects

Duke Energy Corp. will invest $500 million in new solar energy facilities across North Carolina, the utility announced Monday, including direct ownership of 128 megawatts of utility-scale solar farms to be built at three sites in the state's south and east regions.

The deal, which also involves power purchase agreements for 150 MW of new solar energy from independent developers, would elevate Duke's status as one of the top solar utilities in the United States and greatly aid in meeting North Carolina's renewable energy portfolio standard, executives said.

Charlotte-based Duke Energy is North Carolina's largest electric utility, with 3.2 million customers receiving power from two subsidiaries, Duke Energy Carolinas and Duke Energy Progress.  The company also provides electricity to customers in South Carolina, Indiana, Ohio, Kentucky and Florida.

But all the solar power owned or purchased under the latest announcement will serve the North Carolina market, representing a 60 percent increase in the amount of solar energy going to the state's grid, Rob Caldwell, the firm's senior vice president of distributed energy resources, said on a conference call with reporters.

Duke Energy Unveils $500M Investment in Solar Projects