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Duke Energy buys 100% of REC Solar

Millfield solar park, North Carolina. Author: PRNewsFoto/Duke Energy

December 6 (Renewables Now) - US utility Duke Energy Corp (NYSE:DUK) announced today it has taken full control of California-based commercial solar firm REC Solar, having bought a majority stake in February 2015.

The company said it has acquired the remaining shares in a cash transaction, without disclosing its value.

The business will remain part of Duke Energy Renewables, which will supplement REC’s onsite solar expertise with its experience in offsite solar and wind power production, microgrid, battery storage and other emerging technologies, a company statement says.

“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.

The portfolio of Duke Energy’s renewables arm currently includes 2,900 MW across 14 states from 20 commercial wind and 63 solar projects.

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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