After agreeing to sell Utility-scale renewable energy project for Brookfield, Duke will find a buyer for its distributed generation business and exit entirely from developing and owning solar and wind projects. Mid-market infrastructure investor Arclight Capital Partners will acquire DG’s business for $364 million, including a non-controlling tax interest. Duke Energy expects to receive approximately $259 million in proceeds from the transaction, subject to certain customary adjustments, to be received upon closing.
“The sale of our commercial renewable energy business will streamline our portfolio and provide long-term growth for our growing customers in regulated jurisdictions,” said Lynn Goode, chairman, president and CEO of Duke Energy. Resources will be provided to support the needs.” “Over the next decade, we plan to invest significant capital to fund the critical energy infrastructure needed to serve our customers and support the transition to clean energy.”
The distributed generation businesses to be sold include: REC Solar/Duke Energy Sustainable Solutions It includes not only the distributed fuel cell projects managed by Bloom Energy, but also the operating assets, development pipeline and O&M portfolio. Distributed generation business employees migrate to ArcLight to maintain operations and customer business continuity.
I We believe this is a compelling opportunity to acquire a leading commercial distributed generation portfolio, partner with a talented team, and build long-lasting, high-quality customer relationships.” says Marco Gatti.
News article from Duke Energy