Duke Energy Corporation
) unit Duke Energy Renewables continues to expand its power
generation portfolio through renewable sources. Duke Energy
Renewables entered into an agreement with Swinerton Renewable
Energy ("Swinerton Renewable"). As per the deal, Swinerton
Renewable will provide turnkey engineering, procurement, and
construction (EPC) services to the company's two solar power
projects, Pumpjack and Wildwood, located near Bakersfield, CA.
On March 6, 2014, Duke Energy Renewables inked a deal with an
Australian renewable energy firm Infigen Energy. The company
acquired two Californian solar projects, Pumpjack and Wildwood,
from Infigen Energy.
Duke Energy Renewables constructs innovative wind and solar
energy generation ventures for its customers. The company has
operations in 12 states of the U.S. Duke Energy Renewables has
twenty-one solar and fifteen wind farms with a total power
generation capacity of 1,800 megawatts (MW).
Designing and procurement activities for Duke Energy Renewables'
Pumpjack and Wildwood solar power projects have already started.
These two set ups will each consist of a 20-MW alternating
current (AC) photovoltaic (PV) facility. The project also has a
new 115 kilovolt (kV) substation for interconnection to the grid.
Duke Energy Renewables' solar facilities will utilize 171,000 x
BYD 305 watt (W) polycrystalline modules, 40 x 1 MW NX Advanced
Energy inverters and single-axis trackers of Array Technologies
The Pumpjack and Wildwood solar power projects are expected to be
operational by 2014. These two facilities can jointly generate 40
MW of clean electricity. Post completion, Duke Energy Renewables
will own and operate over 65 MW of solar power in California,
totaling 185 MW from twenty-three U.S.-installed solar assets in
Currently, the use of renewable energy is increasing primarily
due to its clean nature and a growing awareness among the masses
regarding its benefits. These influence utility providers to
shift their method of power generation to solar, wind and water.
It is evident from past records that Duke Energy is extending its
renewable power generation asset base. In 2013, the company
constructed a 21-MW Highlander Solar Power Project in Twentynine
Palms. Duke Energy also purchased the 4.5-MW Sunset Reservoir
project in San Francisco.
Apart from Duke Energy, its peers
Dominion Resources, Inc.
) are investing to construct their renewable utility assets to
comply with stringent government regulations.
Duke Energy Renewables will sell the output from the two solar
assets to Southern California Edison, a subsidiary of
), under a 20-year power purchase agreement. We believe signing
of long-term agreements will enable the company to secure a
stable revenue stream going forward. A steady cash inflow will
also support the company to invest more in new ventures.
Charlotte, NC-based Duke Energy Corporation currently has a Zacks
Rank #3 (Hold).
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