North Carolina, United States — For the second time in three weeks, Duke Energy announced the financing of assets in its commercial renewable power portfolio. Duke Energy Generation Services (DEGS) has raised approximately US $45 million by leveraging its ownership of the 14-megawatt Blue Wing Solar Project, currently under construction in San Antonio, Texas. Prudential Capital Group provided the 25-year loan.
“This financing is another important milestone for Duke Energy as we continue to build a portfolio of high-quality commercial renewable power projects,” said Greg Wolf, DEGS senior vice president for business development. “We’re demonstrating our capacity to deliver and execute on every aspect of a successful solar photovoltaic project, including the judicious deployment of Duke Energy’s capital.”
When completed later this year, Blue Wing will consist of 214,500 ground-mounted First Solar thin-film panels, making it the largest photovoltaic (PV) project in Texas.
DEGS purchased the 139-acre project from juwi solar in the first quarter of 2010. Juwi solar is the construction contractor for the project.
The acquisition came with a 30-year power purchase agreement to sell all of the output from the solar farm and associated renewable energy credits to San Antonio-based CPS Energy, one of the largest municipality-owned utilities in the U.S.
Blue Wing will be DEGS’ second commercial PV solar project. The company already owns and operates a 1-megawatt (MW) solar farm in Shelby, North Carolina, and is developing other potential solar projects across the U.S.
In late May 2010, DEGS announced that it had secured a 15-year term loan of approximately $325 million and letters of credit totaling roughly $50 million by leveraging its interests in five of its commercial wind farms.