Utilities, Commercial, Industrial, Solar, Sourcing Renewables - December 7, 2017
Duke Energy makes larger bid in C&I solar market
Duke Energy Corp. on Dec. 6 announced it has acquired full control of commercial solar developer REC Solar, following its purchase of a majority stake in the company in 2015.
REC Solar will continue to be a part of Duke Energy Renewables, Duke Energy's commercial renewables organization, according to a news release. Greentech Media on Dec. 6 reported that Duke Energy spokeswoman Tammie McGee said as it had become clear to the company that the intertwining of the two businesses would help meet growing interest from corporations in renewable energy.
Say you have a big-box store that's interested in putting rooftop solar on their business, which is something REC has expertise in, but at the same time they're thinking more broadly about how to offset their carbon footprint and want to buy large volumes of renewable energy, which is where Duke Energy has its strength. Working together, we can be a one-stop entity with a lot of experience and expertise in both onsite and offsite renewables.
In a statement, Chris Fallon, vice president of Duke Energy Renewables and Commercial Portfolio, said REC Solar complements its strengths in forming strategic partnerships with customers of all sizes.
"Energy solutions specifically tailored to the commercial consumer will expand renewable energy opportunities for enterprise, municipal, educational and business customers," Fallon said.
As an example, the investor-owned utility holding company pointed to the energy solutions deployed by Montgomery County, Maryland, through a partnership with Duke Energy Renewables, REC Solar and Schneider Electric. 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 says the county's experience exemplifies the opportunities afforded by tapping into a diversified energy portfolio.
Check out some of the key moments at SED's Innovation Summit!