Project Development, Wind Power

Duke Energy Acquires Tierra Energy’s Wind Development Business

Duke Energy has acquired the wind power development business of Tierra Energy, a leading wind power development company located in Austin, Texas, from Energy Investors Funds for an undisclosed amount.

The purchase includes more than 1,000 megawatts (MW) of wind assets under development in the Western and Southwestern U.S.

Three of the development projects — a total of approximately 240 MW — are in Texas and Wyoming, and are anticipated to be in commercial operation by the end of next year, with additional facilities potentially in operation as early as 2009. The power produced will be sold through long-term contracts.

“As our nation’s appetite for electricity continues to grow, renewable energy will play a larger role in meeting that demand,” said Duke Energy Chairman, President and CEO, James E. Rogers. “This acquisition supports our strategy to increase our investment in renewable energy and national efforts to reduce carbon emissions.”

Duke Energy currently has purchase agreements for wind generation in Indiana and recently installed solar panels at 10 Indiana schools. The company also recently issued a request for proposal (RFP) for renewable energy to help meet growing demand in the Carolinas.