09 Feb '15, 3pm

Duke Energy Buys Major Stake in REC Solar, Aims to Invest $225M in Commercial PV

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. We spoke with REC Solar's CEO Al Bucknam on Friday evenin...

Full article: http://www.greentechmedia.com/articles/read/Duke-Energy-B...

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