Duke buys two newly-completed solar projects in N.C. from ET Capital

Duke Energy Renewables announced April 5 that it has acquired two 5-MW solar projects in Eastern North Carolina from ET Capital, a member of the ET Solar Group and lead developer of the projects.

The Hertford site, located in Hertford, Perquimans County, and the Long Farm project, located in Garysburg, Northampton County, were completed in March. Power from the projects is being sold to Dominion North Carolina Power, a unit of Dominion Resources (NYSE: D), under 15-year agreements.

“Providing the benefits of renewable energy and opportunities for local economic development in the state are important to Duke Energy,” said Greg Wolf, president, Duke Energy Commercial Portfolio. “We are pleased to add these projects from ET Capital to our growing solar portfolio in Eastern North Carolina.”

Boris Schubert, CEO of ET Capital, added: “We thank Duke for being a trusted partner as well as a champion for renewable energy. This project completion is another example of how our partners can rely on ET Capital’s co-development platform to execute projects efficiently from inception to commercial operation.”

The 44,631 305-W modules for the two sites were supplied by ET Solar Group.

To date, Duke Energy (NYSE: DUK) companies have installed more than 400 MW of solar energy in North Carolina. Duke Energy has invested more than $4 billion in renewable energy and plans to invest another $3 billion over the next five years.

Duke Energy Renewables, part of Duke Energy’s Commercial Portfolio, is a leader in developing innovative wind and solar energy generation projects for customers throughout the United States. The company’s growing portfolio of commercial renewable assets includes 18 wind farms and 37 solar farms in operation in 12 states, totaling about 2,500 megawatts in electric-generating capacity.

ET SolarCapital is a global leading energy solutions provider. With access to innovative solar technologies and tailored financial solutions, ET SolarCapital provides professional one-stop solutions across the entire solar power plant lifecycle including development, financing, engineering, procurement, and construction, and operations & maintenance.

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.