Duke Energy Renewables Acquires Texas Solar Project From Canadian Solar
Duke Energy subsidiary Duke Energy Renewables announced today the acquisition of the 144-megawatt Pflugerville Solar project, currently under construction in Travis County, Texas, from Canadian Solar Inc. subsidiary Recurrent Energy. The project is expected to reach commercial operation in mid-2021, and will generate enough energy to power approximately 27,000 homes.
According to Duke Energy Renewables, the transaction marks the fifth utility-scale project that Duke Energy Renewables has acquired from Recurrent Energy.
Shawn Qu, chairman and CEO of Canadian Solar, said:
“We have a long-standing relationship with Duke Energy Renewables and are pleased that they have become the new owners of Pflugerville Solar, as it is a landmark project that will power local homes in the Austin area, supporting the clean energy transition as the Lone Star State continues to diversify its energy mix.”
The energy generated from the project will be sold to Austin Energy, the City of Austin’s electric utility, under a 15-year power purchase agreement (PPA). The PPA will support Austin Energy’s goal of achieving at least 55% renewable energy by 2025, and 65% by the end of 2027.
Austin Energy General Manager Jackie Sargent said:
“We currently meet 63 percent of our customers’ energy needs with carbon-free resources. Adding the Pflugerville Solar project to our portfolio will bring us closer to meeting our affordability and climate protection goals adopted by the Austin City Council and championed by our customers.”
The transaction marks a step towards Duke Energy’s fulfillment of its renewable energy goals. In October, the company announced a series of new sustainability commitments, including the establishment of targets to double its renewable energy portfolio from 8 GW to 16 GW by 2025, triple renewable capacity for the company’s regulated utilities by 2030, and bring regulated renewable capacity total to 40 gigawatts by 2050.
Chris Fallon, president of Duke Energy Renewables, said:
“We’re excited to add this terrific project to our growing Texas solar portfolio to meet the increasing demand for power in the state and support our longstanding relationship with Austin Energy. In addition to providing Austin Energy’s customers with low-cost clean energy, this project will also bring significant economic benefits to the state.”