Duke Energy, one of the largest energy companies in the country, announced it has acquired full ownership of California-based REC Solar, a provider of renewable energy solutions for commercial customers throughout the U.S. Duke Energy first acquired a majority interest in REC Solar in February of 2015.
REC Solar will continue to be a part of Duke Energy Renewables, Duke Energy’s commercial renewables organization. Duke Energy Renewables’ experience in offsite solar and wind energy generation, microgrid, battery storage and other emerging technologies, will supplement REC’s onsite solar expertise.
“REC Solar complements our strengths in forming strategic partnerships with customers of all sizes,” said Chris Fallon, vice president Duke Energy Renewables and Commercial Portfolio. “Energy solutions specifically tailored to the commercial consumer will expand renewable energy opportunities for enterprise, municipal, educational and business customers, large and small.”
For example, the energy solutions deployed by Montgomery County, Maryland, partnering with Duke Energy Renewables, REC Solar and Schneider Electric, exemplify the opportunities afforded by tapping into a diversified energy portfolio. The county incorporated solar and high-efficiency heat delivered through a microgrid-as-a-service model to provide a more resilient and reliable power source that produces approximately 10.7 million kilowatt hours of solar energy per year, reducing greenhouse gas emissions by 3,629 metric tons.
“Duke Energy brings expertise in utility-scale renewables and enables us to be a one-stop-shop solution for customers in a complex marketplace,” said Matthew Walz, president & CEO of REC Solar. “We can offer our customers access to more financing options and diverse energy choices, whether it be offsite or onsite, battery storage, solar power or wind generation.”
Duke Energy purchased the remaining shares of REC Solar in a cash transaction. Details were not disclosed. REC Solar will be managed as an independent business unit of Duke Energy Renewables.
ABOUT DUKE ENERGY RENEWABLES
Duke Energy Renewables primarily acquires, develops, builds and operates wind and solar renewable generation throughout the continental U.S. The portfolio includes nonregulated renewable energy and energy storage assets. Duke Energy Renewables’ renewable energy includes utility-scale wind and solar generation assets which total 2,900 MW across 14 states from 20 commercial wind and 63 solar projects. The power produced from renewable generation is primarily sold through long-term contracts to utilities, electric cooperatives, municipalities and commercial and industrial customers.
ABOUT REC SOLAR
REC Solar is a nationwide leader providing complete commercial, public sector and utility-scale solar solutions. In 1997, our founders had a simple idea – create better power. Since then we have helped hundreds of organizations across the United States think differently about energy; saving money, creating predictability in operating costs, reducing their environmental impact, and pushing their business forward. REC Solar offers all design, engineering, financing and maintenance services in house, allowing for a simple customer experience. Our unmatched expertise and quality are enhanced by the creativity we bring to each project. By integrating into the core beliefs, values and community of the organizations we work with, we generate greater business value.