Duke Energy Renewables completes nine solar projects in conjunction with Georgia Power’s Renewable Energy Development Initiative

CHARLOTTE, N.C., Aug. 22, 2019 /PRNewswire/ -- Duke Energy Renewables, a subsidiary of Duke Energy (NYSE: DUK), announced that nine solar projects developed with SolAmerica Energy totaling 14.1 megawatts (MW) have begun commercial operations across central Georgia under Georgia Power's Renewable Energy Development Initiative. These projects bring Duke Energy Renewables, operating through its REC Solar business unit, to 27.4 MW of solar projects in Georgia.

"We're excited to complete these projects and look forward to developing even more clean, renewable energy projects in Georgia in the future," said Chris Fallon, vice president of Duke Energy Renewables.

The nine solar projects, which were acquired by Duke Energy Renewables in 2018, are expected to contribute $10 million to local communities in leasing and taxes. A total of 54,590 solar panels were built into the projects. The last site began commercial operations in May 2019.

Each project, was developed under an engineering, production and procurement (EPC) agreement between REC Solar and SolAmerica and a 35-year power purchase agreement (PPA) with Georgia Power, selling all energy and renewable attributes to Georgia Power as a part of their Renewable Energy Development Initiative (REDI) Customer-Sited Distributed Generation Program.

"SolAmerica is very pleased to have been able to work with Duke Energy Renewables and REC Solar on a second portfolio in Georgia, having successfully assisted on projects under Georgia Power's Advanced Solar Initiative in 2016," said R. Stanley Allen, chief executive officer, SolAmerica. "We hope to work again together, whether in Georgia or elsewhere. The demand for such relationships to bring clean energy solutions to market faster is definitely here."

The nine projects now in operation include:

Duke Energy is one of the nation's top renewable energy providers – on track to own or purchase 8,000 megawatts of wind, solar and biomass energy by 2020.

About Duke Energy Renewables

Duke Energy Renewables, a nonregulated unit of Duke Energy, operates wind and solar generation facilities across the U.S., with a total electric capacity of 3,000 megawatts. The power is sold to electric utilities, electric cooperatives, municipalities, and commercial and industrial customers. The unit also operates energy storage and microgrid projects. Visit Duke Energy Renewables for more information.

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of the largest energy holding companies in the U.S. It employs 30,000 people and has an electric generating capacity of 51,000 megawatts through its regulated utilities, in addition to Duke Energy Renewables' capacity.

Duke Energy is transforming its customers' experience, modernizing the energy grid, generating cleaner energy and expanding natural gas infrastructure to create a smarter energy future for the people and communities it serves.

Duke Energy was named to Fortune's 2019 "World's Most Admired Companies" list, and Forbes' 2019 "America's Best Employers" list. More information about the company is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos, videos and other materials. Duke Energy's illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook. 

About SolAmerica

Founded in 2009, SolAmerica is a leading developer, EPC and operations & maintenance provider of solar photovoltaic (PV) projects for commercial, industrial and government clients. SolAmerica's core competencies include site assessment, solar finance, system design and engineering, procurement turnkey installation, monitoring, O&M and asset management. SolAmerica is actively developing and providing EPC and O&M services east of the Mississippi. For additional information about SolAmerica, visit www.solamericaenergy.com.

Cautionary Language Concerning Forward-Looking Statements
This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management's beliefs and assumptions. These forward-looking statements are identified by terms and phrases such as "anticipate," "believe," "intend," "estimate," "expect," "continue," "should," "could," "may," "plan," "project," "predict," "will," "potential," "forecast," "target," "outlook," "guidance," and similar expressions. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. These risks and uncertainties are identified and discussed in Duke Energy's Form 10-K for the year ended December 31, 2018, and subsequent quarterly reports filed with the Securities and Exchange Commission ("SEC") and available at the SEC's website at www.sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than Duke Energy has described. Duke Energy expressly disclaims an obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Media Contacts

Jennifer Garber, Duke Energy
Office: 980-373-0668 | 24-Hour: 800-559-3853

Tully Blalock, SolAmerica
Office: 404-351-8175, ext. 14

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SOURCE Duke Energy