Share this article
Share this article
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: CSIQ).
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.
CHARLOTTE – Continuing to grow its renewable power sources, Duke Energy is buying a huge solar power complex being built near Austin, Texas.
The deal is with Recurrent Energy and represents the fifth sale made between the two firms.
Financial terms were not disclosed but the companies said Recurrent Energy, a subsidiary of Canadian Solar, had raised $234 million to finance construction.
The site, which covers 932 acres and will provide enough power for some 27,000 homes, is expected to go online by mid year.
Also part of the deal is a 15-year power purchase agreement with Austin Energy, the City of Austin’s electric utility.
January 7, 2021
Share This Story
CHARLOTTE, N.C. – Duke Energy will announce its fourth-quarter and year-end financial results at 7 a.m. ET on Thursday, Feb. 11, in a news release to be posted on the company s website at duke-energy.com/investors.
An earnings conference call for analysts is scheduled from 10 to 11 a.m. ET that day to discuss fourth-quarter 2020 financial results. In addition, the company will provide its 2021 adjusted earnings per share guidance range and other business and financial updates.
The conference call will be hosted by Lynn Good, chair, president and chief executive officer, and Steve Young, executive vice president and chief financial officer.
Canadian Solar subsidiary Recurrent Energy has closed the sale of a 144MW photovoltaic project in Texas to Duke Energy Renewables.
The Pflugerville solar project, in Travis County, is under construction and is expected to achieve commercial operation in mid-2021.
The energy generated from Pflugerville will be sold to Austin Energy under a 15-year power purchase agreement (PPA).
It is the fifth utility-scale PV project that Duke Energy Renewables has acquired from Recurrent Energy, including the Rambler solar project in Texas, which reached commercial operation in 2020.
Canadian Solar chairman and CEO Shawn Qu said: “The execution and sales process for this project was disrupted due to the Covid pandemic.
Courtesy of Duke Energy
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.
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.