Duke Energy no longer major investor in 247-MW US solar scheme - report

Aug 25, 2014 - US utility Duke Energy Corp (NYSE:DUK) is no longer a major investor in the 247-MW Panoche Valley solar project in California, according to an official cited by the San Jose Mercury News yesterday.

Duke has identified other corporate strategic issues that require greater focus, John Pimentel, the president of project developer PV2 Energy Ltd, was quoted as saying. Meanwhile, a spokesperson for Duke did not give details about the move, the paper added.

Now that Duke is just a minor contributor and will not finance the construction phase, Pimentel is holding talks with top sector players to fund the scheme. PV2 expects to find one or more partners soon, Pimentel has said, adding that construction is seen to begin next summer.

Pimentel has also commented he does not expect the US Fish and Wildlife Service and the California Department of Fish and Wildlife to refuse to grant the endangered species permits the company is require to obtain before building the plant.

Earlier in August, US utility Southern California Edison (SCE), part of Edison International (NYSE:EIX), said it had sealed long-term power purchase agreements (PPAs) for 1,539 MW of renewable energy, including a 20-year contract for the output of the USD-600-million (EUR 454.6m) Panoche Valley project.

(USD 1.0 = EUR 0.757)

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