Duke Energy has acquired a majority interest in California-based commercial solar developer and installer REC Solar.
The terms of the deal were not disclosed.
Duke Energy says that it will also invest up to $225 million in commercial solar projects that are to be developed by REC Solar and supported by long-term 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,’ says Marc Manly, Duke Energy executive vice president and president of the utility's commercial portfolio.
REC Solar says it will develop a sales and financing process for commercial-scale customers along the same lines as those provided by residential solar companies.
‘By lowering upfront costs and reducing the complexity of going solar, our aim is to accelerate commercial solar growth and provide end-to-end energy solutions to businesses, governments and educational institutions across the U.S.,’ says Allen Bucknam, CEO of REC Solar.