Major US utility Duke Energy has acquired a majority stake in US PV installer, REC Solar for an undisclosed sum.
The utility expects to invest up to US$225 million in PV projects for REC Solar’s commercial customers via power purchase agreements.
“This arrangement will build on Duke Energy's mission of giving commercial customers solutions that reduce energy costs and achieve their sustainability goals,” said Marc Manly, Duke Energy executive vice president and president – Commercial Portfolio. “Through this arrangement, REC Solar will be better equipped to expand its offerings to commercial customers and provide an array of cost-efficient energy solutions.”
REC Solar expects to be able to lower the up-front cost of solar installations and reduce the complexities for commercial clients.
“We plan to extend the benefits of clean, distributed energy solutions to previously underserved small and medium-sized businesses,” said Allen Bucknam, chief executive officer, REC Solar. “The Duke Energy relationship realizes our strategy to be the one-stop shop for commercial solar by securing a predictable and streamlined customer financing process.”