Published on December 7th, 2017 | by Joshua S Hill0
Duke Energy Acquires California-Based REC Solar
December 7th, 2017 by Joshua S Hill
One of the largest energy companies in America, Duke Energy, has this week announced that it has acquired California-based renewable energy solutions company REC Solar, which will become a part of Duke Energy Renewables.
Duke Energy first took notice in REC Solar back in early 2015 when it acquired a majority interest in the company. Fast-forward nearly three years and Duke Energy has taken the relationship to the next level, announcing on Wednesday that it had acquired full ownership of the California-based solar company in a cash transaction the details of which were not confirmed.
REC Solar will join Duke Energy Renewables, contributing its on-site solar experience to Duke’s existing experience in offsite solar and wind energy generation, microgrid, battery storage and other emerging technologies.
“REC Solar complements our strengths in forming strategic partnerships with customers of all sizes,” said Chris Fallon, vice president Duke Energy Renewables and Commercial Portfolio. “Energy solutions specifically tailored to the commercial consumer will expand renewable energy opportunities for enterprise, municipal, educational and business customers, large and small.”
“Duke Energy brings expertise in utility-scale renewables and enables us to be a one-stop-shop solution for customers in a complex marketplace,” added Matthew Walz, president & CEO of REC Solar. “We can offer our customers access to more financing options and diverse energy choices, whether it be offsite or onsite, battery storage, solar power or wind generation.”