TerraForm Power Inc. has acquired a net ownership stake in a portfolio of operating distributed generation (DG) solar power plants from Duke Energy Renewables.
The ownership stake amounts to 9 MW. Combined with the 23 MW net ownership stake in the 48 plants previously acquired from Integrys Energy, TerraForm Power's total ownership represents 32 MW.
The solar projects are located throughout Arizona, California, Massachusetts, New Jersey and Pennsylvania. The assets were placed into operation between 2011 and 2013 under a joint venture between Duke Energy Renewables and Integrys Energy, and they are contracted under long-term power purchase agreements with a variety of commercial and municipal entities. The contracts have an average remaining life of 17 years.