CHARLOTTE, N.C. and
GUELPH, Ontario, Jan. 7, 2021 /PRNewswire/ -- Duke Energy
Renewables, a subsidiary of Duke Energy (NYSE: DUK), is expanding
its solar energy portfolio by acquiring the 144-megawatt (MWac)
Pflugerville Solar project from Recurrent Energy, a wholly owned
subsidiary of Canadian Solar Inc. (NASDAQ:
The project is under construction in Travis County, Texas, and is expected to
achieve commercial operation in mid-2021. The energy generated from
the Pflugerville Solar project will be sold to Austin Energy under
a 15-year power purchase agreement (PPA).
This is the fifth utility-scale project that Duke Energy
Renewables has acquired from Recurrent Energy, including the
Rambler Solar project in Texas,
which reached commercial operation in 2020.
"We're excited to add this terrific project to our growing
Texas solar portfolio to meet the
increasing demand for power in the state and support our
longstanding relationship with Austin Energy," said Chris Fallon, president of Duke Energy
Renewables. "In addition to providing Austin Energy's customers
with low-cost clean energy, this project will also bring
significant economic benefits to the state."
"This sale to Duke Energy Renewables is another milestone that
demonstrates Recurrent Energy's leadership position in the United States, where we currently have
more than 5,700 MWac of solar projects under construction and in
development and more than 1,045 MW / 4,180 MWh of energy storage
projects under development," said Shawn
Qu, chairman and CEO of Canadian Solar. "We have a
long-standing relationship with Duke Energy Renewables and are
pleased that they have become the new owners of Pflugerville Solar,
as it is a landmark project that will power local homes in the
Austin area, supporting the clean
energy transition as the Lone Star State continues to diversify its
Austin Energy, the City of
Austin's electric utility, serves more than 500,000 customer
accounts and more than one million residents in Greater Austin. This PPA supports Austin
Energy's goal of achieving at least 55 percent renewable energy by
2025, and 65 percent renewable energy by the end of 2027. The
project also supports Duke Energy's goals of doubling its renewable
energy resources by the end of 2025.
"We currently meet 63 percent of our customers' energy needs
with carbon-free resources," said Austin Energy General Manager
Jackie Sargent. "Adding the
Pflugerville Solar project to our portfolio will bring us closer to
meeting our affordability and climate protection goals adopted by
the Austin City Council and championed by our customers."
The 144-MWac Pflugerville Solar project will generate enough
energy to power approximately 27,000 homes. The power plant will
utilize approximately 489,600 pieces of Canadian
Solar's high-efficiency bifacial BiKu modules across
932 acres in Travis County, Texas.
The engineering and construction for the project are being
performed by Signal Energy. To support the construction of the
project, in August, Recurrent Energy closed debt and tax equity
financing totaling over $234 million.
The tax equity financing was provided by U.S. Bank and the debt
financing was provided by a bank club led by CIT Bank, which
included Norddeutsche Landesbank ("Nord/LB"), Rabobank, and Zions
Bank. Duke Energy Renewables will provide the long-term operations
and maintenance services to the project.
The project is expected to employ 350 workers at peak
construction, with at least 50% of those construction jobs expected
to be filled by local skilled tradesmen from the Travis County area. Along with indirect
economic benefits that accompany solar project development, such as
increased local spending in the service and construction
industries, Pflugerville Solar will also have a positive economic
impact on the local community by providing significant tax revenues
for Travis County and the Elgin
Independent School District.
As one of the nation's top renewable energy providers, Duke
Energy plans to double its enterprise wide renewable portfolio from
8 GW to 16 GW by the end of 2025.
About 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
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
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest solar
technology and renewable energy companies. It is a leading
manufacturer of solar photovoltaic modules, provider of solar
energy and battery storage solutions, and developer of
utility-scale solar power and battery storage projects with a
geographically diversified pipeline in various stages of
development. Over the past 19 years, Canadian Solar has
successfully delivered over 49 GW of premium-quality, solar
photovoltaic modules to customers in over 150 countries. Likewise,
since entering the project development business in 2010, Canadian
Solar has developed, built and connected over 5.6 GWp in over 20
countries across the world. Currently, the Company has over 500 MWp
of projects in operation, over 5 GWp of projects under construction
or in backlog (late-stage), and an additional 11 GWp of projects in
pipeline (mid- to early- stage). Canadian Solar is one of the most
bankable companies in the solar and renewable energy industry,
having been publicly listed on the NASDAQ since 2006. For
additional information about the Company, follow Canadian Solar
on LinkedIn or visit www.canadiansolar.com.
About Austin Energy
Customer Driven. Community Focused.
Austin Energy, the City of
Austin's electric utility, lights a brighter future for more
than 500,000 customer accounts and more than one million residents
in Greater Austin. The utility's
commitment to providing value powers the community and the
innovation and culture that has made Austin a destination city. Austin Energy has
powered the community for 125 years, delivering safe, affordable,
reliable energy and excellent customer service. The publicly owned
utility will continue to shine a light into the future. For more
information about Austin Energy, visit austinenergy.com.
Cautionary Language Concerning Forward-Looking
This document includes forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements are based on management's beliefs and
assumptions. These forward-looking statements are identified by
terms and phrases such as "anticipate," "believe," "intend,"
"estimate," "expect," "continue," "should," "could," "may," "plan,"
"project," "predict," "will," "potential," "forecast," "target,"
"outlook," "guidance," and similar expressions. Various factors may
cause actual results to be materially different than the suggested
outcomes within forward-looking statements; accordingly, there is
no assurance that such results will be realized. These risks
and uncertainties are identified and discussed in Duke Energy's
most recent Annual Report on Form 10-K and subsequent quarterly
reports on Form 10-Q filed with the Securities and Exchange
Commission ("SEC") and available at the SEC's website at
www.sec.gov. In light of these risks, uncertainties and
assumptions, the events described in the forward-looking statements
might not occur or might occur to a different extent or at a
different time than Duke Energy has described. Duke Energy
expressly disclaims an obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Duke Energy Renewables
Contact: Jennifer Garber
Contact: McCall Johnson
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SOURCE Duke Energy