Duke Energy bought a majority interest in REC Solar, a provider of comprehensive commercial solar and energy solutions nationwide.
In addition, over several years, Duke Energy will invest up to $225 million in commercial solar power projects developed by REC Solar and supported by long-term power purchase agreements. The terms of the deal were not disclosed.
REC Solar, based in San Luis Obispo, Calif., will deliver a simple sales and financing process for commercial-scale customers, similar to that provided by residential solar companies. REC Solar serves key sectors including retail, manufacturing, agriculture, technology, government and nonprofits.
Partnering with Duke Energy Renewables, REC Solar offers simplified customer financing, including leases and power purchase agreements, to provide customers with immediate savings.
Established in 1997, REC Solar is an experienced photovoltaic (PV) solar provider that has completed more than 400 solar projects, ranging in size from multi-megawatt utility projects to local business rooftop systems. The company has more than 140 MW of distributed solar deployed or under construction.
Over the past eight years, Duke Energy has invested more than $4 billion in utility-scale renewables projects.