US utility Duke Energy has completed the sale of its utility-scale renewables arm to renewables asset owner Brookfield Renewable.
The agreement – which was announced on 12 June 2023 and valued at US$2.8 billion – will see the utility focus on the growth of its regulated business, which includes investments to enhance grid reliability and helping to add more than 30GW of renewables into its system by 2035.
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With the completion of the deal, Brookfield will add more than 3.4GW of solar, wind and battery storage projects across the US to its portfolio. The acquisition of such a large portfolio will bring Brookfield Renewable closer to its target to commission 18GW of renewables in the next three years.
This is not the only portfolio Duke is divesting, earlier this month it sold its distributed commercial generation portfolio – which includes solar PV developer REC Solar and all of its assets – to investment firm ArcLight Capital Partners. However, the financial details of the transaction were not disclosed.
“The completion of this sale marks the final step in our transition to a fully regulated utility,” said Lynn Good, Duke Energy chair, president, and CEO. “As we work to address the growing needs of our customers in our regulated jurisdictions, we will continue investing in cleaner energy resources and significant grid enhancements that will deliver value and energy resiliency to our customers and stakeholders.”
Primary operations of the commercial renewables business will remain in Charlotte, North Carolina, while Duke Energy employees will transition over to Brookfield.
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