Duke Energy Corp. (DUK - Analyst Report) took over the largest solar generation facility in San Francisco - the Sunset Reservoir Solar Power Project - from Recurrent Energy. However, the financial terms of the transaction were not disclosed. With a capacity of 4.5 megawatt (AC) this solar power system consists of almost 24,000 solar panels mounted on top of the Sunset Reservoir. The plant was developed and operated by Recurrent Energy since 2010. The power generated from the solar farm will be sold to the San Francisco Public Utilities Commission for at least the next 25 years. This acquisition enables Duke Energy to expand its solar footprint in California and also reveals the constant inroads of solar into mainstream power generation. By 2020, the state is committed to generate 33% of the electricity from sources like wind, solar, geothermal, biomass, and small hydroelectric facilities. The acquisition comes four months after Duke Energy Renewables bought two commercial solar power projects, namely, Highlander Solar 1 and 2, for an undisclosed amount from SolarWorld.
Posted on: Fri, 16 Aug 2013 16:17:27 +0000
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