Duke Energy Renewables completes acquisition of 150-MW North Rosamond solar project from Clearway Energy Group

- California solar plant will provide clean, renewable energy to Southern California Edison customers

- Once complete, it will be the largest solar project in Duke Energy Renewables' fleet

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Apr 22, 2019, 10:32 ET

CHARLOTTE, N.C., April 22, 2019 /PRNewswire/ -- Duke Energy Renewables, a subsidiary of Duke Energy, announced it has acquired the 150-megawatt (MW) North Rosamond solar project in Kern County, California from Clearway Energy Group.

The North Rosamond solar project is Duke Energy Renewables' sixth solar generation facility in Kern County.

"North Rosamond is a great addition to our growing solar portfolio," said Rob Caldwell, president of Duke Energy Renewables. "California is a leader in renewable energy, and we're pleased to support their efforts by continuing to provide the state with cost-efficient renewable energy to meet residents' needs."

The U.S. Bancorp Community Development Corporation, the tax credit division of U.S. Bank; M&T Bank's Commercial Equipment Finance Group; and Guardian Life Insurance Company of America provided tax equity financing to the project.

The 150-MW project, which contains over 477,000 solar panels, is located on approximately 1,188 acres outside of Rosamond, Calif. Construction is nearly complete and the project is expected to achieve commercial operation in early May. The North Rosamond project will be the largest solar project in Duke Energy Renewables' fleet. It will power approximately 71,000 homes.

The energy generated from the North Rosamond solar project will be sold to Southern California Edison under a 15-year agreement.

The project employed as many as 500 individuals during the peak construction period.

The facility's design, procurement of PV modules, inverters, balance of plant systems and construction of the project is being performed by First Solar Electric California's engineering, procurement and construction (EPC) subsidiary under a fixed-price EPC agreement for the project.

Duke Energy is one of the nation's top renewable energy providers – on track to own or purchase 8,000 megawatts of wind, solar and biomass energy by 2020.

Duke Energy Renewables

Duke Energy Renewables, a nonregulated unit of Duke Energy, operates wind and solar generation facilities across the U.S., with a total electric capacity of 3,000 megawatts. The power is sold to electric utilities, electric cooperatives, municipalities, and commercial and industrial customers. The unit also operates energy storage and microgrid projects. Visit Duke Energy Renewables for more information.

Duke Energy (NYSE: DUK), a Fortune 125 company headquartered in Charlotte, N.C., is one of the largest energy holding companies in the U.S. It employs 30,000 people and has an electric generating capacity of 51,000 megawatts through its regulated utilities, in addition to Duke Energy Renewables' capacity.

Duke Energy is transforming its customers' experience, modernizing the energy grid, generating cleaner energy and expanding natural gas infrastructure to create a smarter energy future for the people and communities it serves.

Duke Energy was named to Fortune's 2019 "World's Most Admired Companies" list, and Forbes' 2019 "America's Best Employers" list. More information about the company is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos, videos and other materials. Duke Energy's illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.

Clearway Energy Group

Clearway Energy Group is accelerating the world's transformation to a clean energy future. Built for 21st century energy markets and focused on providing customers with the power they need and the customer experience they deserve, Clearway was created and staffed with functions specific to renewable energy generation and distribution. With assets across 28 states, more than 500 employees and the capacity to power about 2.7 million homes, Clearway is bringing reliable and clean power to market from day one. The Company is headquartered in San Francisco, CA with offices in Carlsbad, CA; Scottsdale, AZ; Houston, TX; and New York, NY. For more information, visit www.clearwayenergygroup.com.

U.S. Bancorp Community Development Corporation

With $29 billion in managed assets as of Dec. 31, 2018, U.S. Bancorp Community Development Corporation (USBCDC), a subsidiary of U.S. Bank, provides innovative financing solutions for community development projects across the country using state and federally sponsored tax credit programs. USBCDC's commitments provide capital investment to areas that need it the most and contribute to the creation of new jobs, the rehabilitation of historic buildings, the construction of needed affordable and market-rate homes, the development of renewable energy facilities, and the generation of commercial economic activity in underserved communities. Visit USBCDC on the web at www.usbank.com/cdc.

M&T Bank Corporation

M&T Bank Corporation is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, operates banking offices in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Columbia. Trust-related services are provided by M&T's Wilmington Trust-affiliated companies and by M&T Bank.

Contact: Jennifer Garber
Office: 980.373.0668 | 24-Hour: 800.559.3853

SOURCE Duke Energy