March 6, 2014
Duke Energy Renewables, a commercial business unit of Duke Energy, announced its acquisition of two 20-megawatt (MW) AC California solar projects from renewable energy developer Infigen Energy.
The construction-ready Pumpjack and Wildwood Solar Power Projects, located in Kern County near Bakersfield, represent Duke Energy Renewables' third and fourth utility-scale solar power projects in the state. Once the projects are complete, the company will own and operate more than 65 megawatts of solar power in California.
"The acquisition of Pumpjack and Wildwood will more than double our solar power capacity in California," said Duke Energy Renewables President Greg Wolf. "We're pleased to provide an increasing supply of affordable, clean energy to the nation's number one solar market."
The solar energy generated from the two projects will be sold through 20-year power purchase agreements with Southern California Edison.
Infigen's U.S. CEO, Craig Carson, said, "We are very pleased that our first development efforts in solar PV have succeeded in bringing together strong counterparties such as Southern California Edison and Duke Energy. We expect that the experience gained and the relationships created through these solar projects will deliver significant benefits for our future development opportunities."
In 2013, Duke Energy Renewables built the 21-MW Highlander Solar Power Project in Twentynine Palms and acquired the 4.5-MW Sunset Reservoir project in San Francisco. Within the year, once Pumpjack and Wildwood reach commercial operation, the projects will push Duke Energy Renewables' total U.S. installed solar capacity to 185 MW at 23 utility-scale facilities across the country.
In 2011, INDU, a partnership between Duke Energy Renewables and Integrys Energy, constructed eight 1-MW rooftop solar projects in southern California.
About Duke Energy Renewables
Duke Energy Renewables, part of Duke Energy's Commercial Businesses, is a leader in developing innovative wind and solar energy generation projects for customers throughout the United States. The company's growing portfolio of commercial renewable assets includes 15 wind farms and 21 solar farms in operation in 12 states, totaling almost 1,800 megawatts in electric-generating capacity. Learn more at www.duke-energy.com/renewables.
Headquartered in Charlotte, N.C., Duke Energy is a Fortune 250 company traded on the New York Stock Exchange under the symbol DUK.
About Infigen Energy
Infigen Energy is a specialist renewable energy business. We have interests in 24 wind farms across Australia and the United States. With a total installed capacity in excess of 1,600MW (on an equity interest basis), we currently generate enough renewable energy per year to power over half a million households. As a fully integrated renewable energy business in Australia, we develop, build, own and operate energy generation assets and directly manage the sale of the electricity that we produce to a range of customers in the wholesale market.
Infigen Energy trades on the Australian Securities Exchange under the code IFN.
For further information please visit our website: www.infigenenergy.com
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