Duke gets Goldman Sachs funding for 75-MW solar, storage portfolio
Millfield solar park, North Carolina. Author: PRNewsFoto/Duke Energy
Duke Energy Renewables has obtained USD 109.4 million (EUR 92.4m) in preferred tax equity financing from a unit of Goldman Sachs (NYSE:GS) to support its solar and storage projects.
US utility Duke Energy (NYSE:DUK) unveiled the transaction from Goldman Sachs' Alternative Energy Investing Group on Thursday, saying the fresh funds will be allocated over an 18-month period.
More specifically, the financing will support a 75-MW portfolio of solar and solar-plus-storage projects that Duke Energy Renewables will build through its subsidiary REC Solar. The bundle includes ground-mount and commercial and industrial (C&I) projects, as well as community solar schemes across several states, including California, Arizona and Texas. Both behind-the-meter and utility-scale plants will be installed as part of the initiative, with their output to be sold through long-term power purchase agreements (PPAs).
"Goldman Sachs' investment will support Duke Energy Renewables' continued growth in the distributed energy space, which will further our goals of delivering long-term value to customers and investors," said Chris Fallon, president of Duke Energy Renewables.
NextPower Capital provided financial advice to Duke Energy Renewables and REC Solar. Hunton Andrews Kurth LLP and O'Melveny & Myers LLP acted as legal counsels for Duke Energy Renewables and Goldman Sachs, respectively.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.