Duke Energy is acquiring a majority interest in REC Solar. The terms of the deal were not disclosed. In addition, over several years, Duke Energy will invest up to $225 million in commercial solar projects developed by REC Solar and supported by long-term power purchase agreements (PPAs). According to Renewable Energy World, the $225 million in financing will be for projects in the small commercial, 100-500 kW range.
REC Solar, based in San Luis Obispo, Calif., will deliver a simple sales and financing process for commercial-scale customers, similar to that provided by residential solar companies. REC Solar serves key sectors including retail, manufacturing, agriculture, technology, government and nonprofits. The infusion of money from Duke Energy will help it grow its market share in the small and medium-sized businesses sectors.
For Duke Energy, the arrangement will provide a path to give its commercial customers solutions that achieve their sustainability goals.