CHARLOTTE, N.C., Jan. 15, 2020 /PRNewswire/ -- Duke Energy Renewables, a subsidiary of Duke Energy (NYSE: DUK), today announced that it has completed the acquisition of the final project in a portfolio developed with Inman Solar Inc., totaling 20 megawatts (MWac).
The projects are in construction or have begun commercial operations across central Georgia under Georgia Power's Renewable Energy Development Initiative (REDI).
These projects bring Duke Energy Renewables, operating through its REC Solar business unit, to 47.4 MWac of distributed solar projects in Georgia.
"We're excited to acquire another portfolio of solar projects in Georgia," said Chris Fallon, vice president of Duke Energy Renewables. "This transaction was successful because of our strong relationship with Georgia Power and a dependable, expert developer and build partner in Inman Solar."
Duke Energy Renewables' distributed generation arm, REC Solar, led the acquisition and construction management on behalf of Duke Energy. Duke Energy Renewables, REC Solar and Inman have worked on numerous projects in multiple states over the last three years.
The nine solar projects are expected to contribute $11.5 million in leasing and taxes to local communities. A total of 81,060 solar panels will be used in the projects. The last site is expected to reach commercial operations by the end of March.
Each project was developed under an engineering, production and procurement agreement between REC Solar and Inman and a 30- or 35-year power purchase agreement with Georgia Power, selling all energy and renewable attributes to Georgia Power as a part of its REDI Distributed Generation RFP program.
"Inman is very pleased to work with Duke Energy Renewables and REC Solar on another set of projects," said Dan Fossitt, president, Inman Solar. "We are proud to do additional projects in Georgia Power's REDI program. It's invaluable to have reliable finance partners in Duke Energy Renewables and REC Solar who understand development and can work with us to manage logistics and efficiently get to funding."
The nine projects in the portfolio include:
Duke Energy is one of the nation's top renewable energy providers – on track to own or purchase 8,000 megawatts of wind, solar and biomass energy by the end of 2020.
About 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. REC Solar is a business unit of Duke Energy Renewables. Visit Duke Energy Renewables and REC Solar 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 2019 "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.
About Inman Solar
Inman Solar is a Southeast-based company that specializes in developing, designing and installing commercial and utility-scale solar photovoltaic systems. Inman Solar is an experienced turnkey provider, handling everything from project management to engineering and financial analysis. Inman Solar has built over 112 MW of commercial solar photovoltaic systems throughout the US, specializing in the Southeast. Inman's customers are business owners and investors, and we focus on helping them capture incentives that make solar a smart business investment. In addition to system engineering design and build, Inman owns and operate several solar assets. Inman is certified by the National American Board of Certified Energy Practitioners.
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.
Jennifer Garber, Duke Energy
Office: 980.373.0668 | 24-Hour: 800.559.3853
Dan Fossitt, Inman Solar
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SOURCE Duke Energy