The North Carolina Electric Membership Corp. will own 100 MW of the power generation project.
The Public Service Commission of South Carolina approved the plant in April, and the company finalized plans to move forward with construction earlier this month.
The company is in the process of procuring equipment and the contracts to begin construction so the project will be commercially available in November 2017. Construction is expected to begin in summer 2015.
This project represents a long-term investment by Duke Energy Carolinas in the Lee Steam Station site and surrounding community. At least 500 jobs will be created during the height of construction, with about 25 full-time employees to operate the plant once it is online.