Duke Energy (NYSE: DUK) is acquiring a 70-megawatt wind power project in Pennsylvania.
The move is part of an on-going effort by the Charlotte-based utility to expand its renewable energy. The cost of the deal was not disclosed.
Duke Energy will purchase the wind power facility from wind turbine manufacturer and project developer Gamesa Energy USA. The project, located about 95 miles east of Pittsburgh, consists of 35 Gamesa-made wind turbines, each capable of producing two megawatts of electricity.
"The purchase of the North Allegheny Windpower Project in Pennsylvania marks a milestone for Duke Energy and its renewables business," said Wouter van Kempen, president of Duke Energy Generation Services. "This acquisition immediately expands our wind power portfolio beyond the western U.S., where we have half a dozen projects already in operation or under construction."
The acquisition comes with a 23.5-year power purchase agreement to sell all of the output from the wind farm and associated renewable energy credits to First Energy. Construction of the project is almost complete. The site will begin generating electricity for First Energy later this year.