Capital One opts for production tax credits with US$90 million investment in 120MW Duke Energy PV project

Facebook
Twitter
LinkedIn
Reddit
Email
Duke Energy has a US portfolio of over 2.9GW. Image: Duke Energy

US solar and wind developer Duke Energy Renewables has received a US$90 million tax equity investment from financial holding company Capital One towards the 120MW Jackpot solar PV project in Idaho.

The project will deploy 372,000 modules produced by Hanwha Qcells, and the power produced has been purchased by state utility Idaho Power Company under a 20-year power purchase agreement (PPA).

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

The investment was made specifically targeting the Inflation Reduction Act’s (IRA) Production Tax Credit (PTC), Capital One said, which offers benefits to investors and producers on the basis of renewable energy produced from a facility. The current PTC rate is US$0.026/kWh, with future rates tied to inflation.

“Initially, we intended the transaction to be structured using solar investment tax credits, reflecting eligible costs incurred in constructing a renewable energy project,” said George Revock, managing director of Capital One.

“As we continually assessed the most high-impact approach to supporting our client’s goals, we were able to pivot to production tax credit financing, which is based on the renewable energy generated.”

PV Tech Premium spoke with a legal expert about the implications of the ITC and PTC extensions under the IRA last month, who forecast a ‘great rethink’ of the country’s energy market. Just this week, the US Treasury clarified the guidance for ITC and PTC adders awarded to developers who build renewable energy projects in historically coal-generating areas and communities.

7 October 2025
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

September 12, 2025
Colombian energy supplier Celsia is seeking more than US$1.2 billion in investment to build wind and solar generation projects in Peru. 
September 12, 2025
ACME Venus Urja has secured INR3.8 billion (US$43 million) to develop and construct a solar-plus-storage project in Barmer, Rajasthan.
Premium
September 12, 2025
Vote Solar's Sean Garren tells PV Tech Premium that Georgia Power's latest IRP is 'skewed so heavily towards fossil fuels'.
September 11, 2025
Founder Group has won a RM10 million (US$2.3 million) engineering, procurement, construction and commissioning contract for a 30MW solar plant in Malaysia.
September 11, 2025
Madison Energy Infrastructure has raised US$800 million to accelerate the deployment of clean energy assets across the US. 
September 11, 2025
The EBRD has launched a new programme to improve access to green financing and support energy investments such as renewable power projects.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines