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.
Duke Energy Renewables, a Duke subsidiary, made the deal and “will provide the long-term operations and maintenance services to the project,” the company said.
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.
Duke Energy currently has 8 megawatts of renewable energy assets and aims to have double that amount byb 2025.