TerraForm acquires solar power plant ownership stake from Duke Energy

Source:TerraForm Power, Inc.

TerraForm acquires solar power plant ownership stake from Duke Energy

TerraForm Power, Inc. (TERP), an owner and operator of clean energy power plants, today announced the acquisition of a 9 MW net ownership stake in a portfolio of operating distributed solar power plants from Duke Energy Renewables, a commercial business unit of Duke Energy, the nation's largest electric power holding company.

Combined with the 23 MW net ownership stake in this portfolio previously acquired from Integrys, TerraForm Power's total ownership in these 48 plants represents 32 MW. Terms of the Duke sale were not disclosed.

"We are grateful for the opportunity to work with Duke Energy, one of the country's leading utilities. This acquisition demonstrates TerraForm Power's continued leadership in the distributed generation segment and depth of utility relationships which continue to accelerate our growth trajectory," said Alex Hernandez, Chief Financial Officer of TerraForm Power.

The solar projects are located throughout Arizona, California, Massachusetts, New Jersey and Pennsylvania. The assets were placed into operation between 2011 and 2013 under a joint venture between Duke Energy Renewables and Integrys Energy, and are contracted under long term power purchase agreements (PPAs) with a variety of commercial and municipal entities having a weighted-average credit rating of Baa2. The contracts have a weighted average remaining life of 17 years.

"We've had a successful partnership with Integrys Energy, and their decision to sell their interest in the JV to TerraForm Power prompted us to a similar decision," said Greg Wolf, president of Duke Energy's Commercial Portfolio. "These assets have been good performers, and we're pleased that TerraForm Power will continue to deliver reliable, clean energy to the customers we've been privileged to serve."

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs