Duke Energy Buys Major Stake in REC Solar, Aims to Invest $225M in Commercial PV
Duke Energy just acquired a majority stake in commercial solar installer REC Solar and is ready to invest up to $225 million in REC’s solar projects.
Even in the context of a solar industry seeing plenty of consolidation and big deals, this is a pretty big deal.
REC Solar is the commercial unit remaining after Sunrun acquired the residential business early last year. Based in San Luis Obispo, Calif., REC Solar provides a sales and financing process for commercial-scale customers and has installed more than 440 U.S. commercial systems, with a total of more than 140 megawatts installed and under development. The company claims its process is “similar to that provided by residential solar companies.”
Duke Energy Renewables has a commercial renewable portfolio totaling about 1,800 megawatts of solar and wind capacity.