New Projects, Renewables, Solar

Duke Energy to purchase solar power from three North Carolina projects

Duke Energy Progress (NYSE: DUK) has entered into a long-term power purchase agreement for three solar photovoltaic (PV) projects, totaling 21-MW, from Ecoplexus Inc.

Ecoplexus closed on the financing and commenced construction on Langley PV1, Carter PV1, and Pecan PV1 projects, representing approximately $40 million in project costs.

“After constructing 40 solar PV projects in other States, it’s exciting for Ecoplexus to break ground on the first projects in our North Carolina portfolio,” said Erik Stuebe, president of Ecoplexus.  “We are planning an aggressive construction schedule in North Carolina and we expect to construct and commission approximately 40-MW per calendar quarter over the next two years. We’re very pleased to play a role in providing clean, renewable energy at competitive rates to the grid.”

Stuebe added that the projects will help lock-in low long-term energy rates for North Carolina ratepayers  and provide a hedge against rate increases from natural gas and other fossil fuel sources.  

The projects are expected to achieve commercial operations by year-end.

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