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Duke Energy Renewables and Colorado Springs Utilities bring 60 megawatts of solar energy online

2020-04-15 10:49 ET - News Release

- Palmer Solar will provide clean energy to customers of Colorado Springs Utilities
- Project is largest solar facility contracted by Colorado Springs Utilities

CHARLOTTE, N.C., April 15, 2020 /PRNewswire/ -- Duke Energy Renewables, a commercial business unit of Duke Energy (NYSE: DUK), and Colorado Springs Utilities (Springs Utilities) today announced the start of operation for a new solar energy generating facility, the Palmer Solar project.

Containing more than 220,000 solar panels on about 700 acres southeast of Colorado Springs, Colo., Palmer Solar will provide 60 megawatts of electricity to Springs Utilities' customers. That is enough electricity to power approximately 22,000 homes per year. This is the largest solar project contracted by Springs Utilities to date and the first solar project to interconnect with its transmission system.

Under a 20-year agreement, Springs Utilities will purchase the electricity Palmer Solar generates from Duke Energy Renewables. The project was acquired by Duke Energy Renewables from juwi Americas in May 2019. With this addition, Duke Energy Renewables has two solar projects in Colorado totaling more than 70 megawatts.

The project can be seen in this video.

"We're pleased to continue expanding our solar footprint in Colorado," said Rob Caldwell, president of Duke Energy Renewables. "The Palmer Solar project will support the renewable energy goals of Colorado Springs Utilities and allow them to reduce energy costs for their customers while lowering carbon emissions for the state."

"In light of our present challenges associated with COVID-19, our work continues to support our Energy Vision. We are steadfast in our mission to provide reliable and environmentally sustainable energy that reduces our carbon footprint," said Aram Benyamin, Springs Utilities CEO. "The Palmer Solar project is the latest example of how we are partnering with entities to change the way we power Colorado Springs, taking advantage of the economics and environmental benefits of solar power."

During peak construction, the Palmer Solar project employed as many as 200 individuals. It will also deliver property tax revenues of approximately $5.2 million throughout the life of the project to El Paso County.

Duke Energy is one of the nation's top renewable energy providers and owns, operates and contracts more than 8,000 megawatts of capacity.

Springs Utilities has increased its renewable resources from 19 megawatts to 114 megawatts in the past six months.

Duke Energy Renewables
Duke Energy Renewables, a nonregulated unit of Duke Energy, operates wind and solar generation facilities across the U.S., with a total electric capacity of 3,000 megawatts. The power is sold to electric utilities, electric cooperatives, municipalities, and commercial and industrial customers. The unit also operates energy storage and microgrid projects. Visit Duke Energy Renewables for more information.

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of the largest energy holding companies in the U.S. It employs 30,000 people and has an electric generating capacity of 51,000 megawatts through its regulated utilities, in addition to Duke Energy Renewables' capacity.

Duke Energy is transforming its customers' experience, modernizing the energy grid, generating cleaner energy and expanding natural gas infrastructure to create a smarter energy future for the people and communities it serves.

Duke Energy was named to Fortune's 2020 "World's Most Admired Companies" list, and Forbes' 2019 "America's Best Employers" list. More information about the company is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos, videos and other materials. Duke Energy's illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.

Colorado Springs Utilities
For generations, Colorado Springs Utilities has provided electricity, natural gas, water and wastewater services to the Pikes Peak region. As a community-owned utility, its customers enjoy competitive prices, exceptional hometown service, quality service and reliability and a voice in how their utility operates. Colorado Springs Utilities looks to expand its renewable energy portfolio to more than 260 megawatts and add a 25-megawatt energy storage facility by 2024. For more information, visit csu.org or follow the utility on Twitter and Facebook.

Cautionary Language Concerning Forward-Looking Statements
This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management's beliefs and assumptions. These forward-looking statements are identified by terms and phrases such as "anticipate," "believe," "intend," "estimate," "expect," "continue," "should," "could," "may," "plan," "project," "predict," "will," "potential," "forecast," "target," "outlook," "guidance," and similar expressions. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. These risks and uncertainties are identified and discussed in Duke Energy's Form 10-K for the year ended December 31, 2018, and subsequent quarterly reports filed with the Securities and Exchange Commission ("SEC") and available at the SEC's website at www.sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than Duke Energy has described. Duke Energy expressly disclaims an obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact: Jennifer Garber
Office: 980.373.0668 | 24-Hour: 800.559.3853

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