Milestone follows Duke Energy’s purchase of a majority share in REC Solar in 2015
CHARLOTTE, N.C. - Duke Energy, one of the largest energy companies in the country, announced today it has acquired full ownership of California-based REC Solar, a provider of renewable energy solutions for commercial customers throughout the U.S. Duke Energy first acquired a majority interest in REC Solar in February of 2015.
REC Solar will continue to be a part of Duke Energy Renewables, Duke Energy's commercial renewables organization. Duke Energy Renewables' experience in offsite solar and wind energy generation, microgrid, battery storage and other emerging technologies, will supplement REC's onsite solar expertise.
"REC Solar complements our strengths in forming strategic partnerships with customers of all sizes," said Chris Fallon, vice president Duke Energy Renewables and Commercial Portfolio. "Energy solutions specifically tailored to the commercial consumer will expand renewable energy opportunities for enterprise, municipal, educational and business customers, large and small."
For example, the energy solutions deployed by Montgomery County, Maryland, partnering with Duke Energy Renewables, REC Solar and Schneider Electric, exemplify the opportunities afforded by tapping into a diversified energy portfolio. The county incorporated solar and high-efficiency heat delivered through a microgrid-as-a-service model to provide a more resilient and reliable power source that produces approximately 10.7 million kilowatt hours of solar energy per year, reducing greenhouse gas emissions by 3,629 metric tons.
"Duke Energy brings expertise in utility-scale renewables and enables us to be a one-stop-shop solution for customers in a complex marketplace," said Matthew Walz, president & CEO of REC Solar. "We can offer our customers access to more financing options and diverse energy choices, whether it be offsite or onsite, battery storage, solar power or wind generation."
Duke Energy purchased the remaining shares of REC Solar in a cash transaction. Details were not disclosed. REC Solar will be managed as an independent business unit of Duke Energy Renewables.