Duke Energy announces $500 million solar investment

• 9 years ago (2014-09-17)
• Junior Isles

North America 998 Renewables 752

---

Duke Energy Corp, the United States’ largest power generation company, is to invest $500 million in expanding its North Carolina based solar power programme, the Charlotte, NC based company has revealed.

The company is planning to acquire and complete construction of three solar power farms, totalling 128 MW of capacity, currently under development in rural eastern North Carolina and will also buy power from five further solar projects, providing an additional 150 MW of capacity.

Warsaw Solar Facility, developed by Solar Strata, is one of the farms to be acquired, and will be the largest US solar power generation site east of the Mississippi River, Duke stated.

The investments are aimed at helping the energy company meet state requirements that it generates 12.5 per cent of its power through renewable sources by 2020. The 278 MW that Duke Energy will add in total still represents only a small fraction of its nearly 50 000 MW total generating capacity.

Duke Energy claims the investments represent the company's single largest ever jump in solar energy production, and will result in a 60 per cent increase in the amount of solar generation used by its North Carolina customers.

"We are bringing large amounts of renewable energy onto our system in the most cost-effective way possible," said senior vice president Rob Caldwell in a statement.

Solar is on the up in the US, with more than half of all new generation capacity in the first half of 2014 coming from solar projects according to a report this month by the Solar Energy Industries Association.