Duke Energy Begins Operation of Its Largest Solar Plant

Rhea-AI Summary

Duke Energy Sustainable Solutions (DESS) has launched its largest solar power plant, the 250-MW Pisgah Ridge Solar project in Navarro County, Texas. This project is significant as it features three long-term virtual power purchase agreements (VPPAs) with companies including Charles River Laboratories and Meijer, securing over 90% of the facility's output for the next 15 years. The plant is expected to enhance Duke Energy's presence in renewable energy, providing substantial economic benefits to the local community, including tax revenues for the Corsicana Independent School District and job creation during construction.

Positive

• Duke Energy has launched a 250-MW solar power plant, expanding its renewable energy portfolio.
• Three long-term VPPAs with companies provide over 90% of the facility's output, ensuring stable revenue.
• The project employed around 300 workers during peak construction, contributing to local job creation.
• The facility is expected to generate significant tax revenues for the local school district.

Negative

• None.

• 250-MW plant now online in Navarro County, Texas
• Three companies purchased output under 15-year VPPAs

CHARLOTTE, NC / ACCESSWIRE / March 28, 2023 / Duke Energy Sustainable Solutions (DESS), a nonregulated commercial brand of Duke Energy (NYSE:DUK), is now operating its largest solar power plant ever - the 250-megawatt (MW) Pisgah Ridge Solar project in Navarro County, Texas.

"We're excited to continue to grow our Texas solar portfolio," said Chris Fallon, president of Duke Energy Sustainable Solutions. "This project demonstrates how we can continue to expand our renewable energy resources while providing unique sustainability solutions for commercial customers."

Charles River Laboratories International Inc., a leading provider of critical research tools and integrated support services that enable innovative and efficient drug discovery and development, has a virtual power purchase agreement (VPPA) for 102 MW of the project over the next 15 years.

This commitment will address the entirety of the company's North American electric power load with clean, renewable energy by 2023.

"Charles River has committed to sourcing 100% of our global electricity needs through renewable sources by 2030," said Gregg Belardo, executive director of EHS & sustainability at Charles River. "Our VPPA with DESS provides coverage for our North American facilities and moves us significantly closer to that global goal. We are proud to partner with Duke Energy and are excited that Pisgah Ridge is now online."

Midwest retailer Meijer signed a separate 15-year VPPA agreement for 83 MW of solar energy generated by the Pisgah Ridge Solar project. One other company has a third 15-year VPPA agreement. Together, the three agreements account for more than 90% of the facility's output.

All three VPPAs associated with the site will settle on an as-generated basis tied to the project's real-time energy output.

"Lessening our impact on the environment through a continued commitment in reducing carbon emissions is an issue that is important to us and our customers," said Erik Petrovskis, director of environmental compliance and sustainability at Meijer. "We've made significant progress over the years, but this project with Duke Energy Sustainable Solutions puts us on the right path to making an even bigger impact."

The engineering and construction for the project was performed by Moss, while Duke Energy Sustainable Solutions will own and operate the project.

Currently, the company operates nearly 1,500 MW of wind, 750 MW of solar and a 36-MW battery storage facility in Texas.

The project employed around 300 workers at peak construction. Along with indirect economic benefits that accompany solar project development, such as increased local spending in the service and construction industries, the Pisgah Ridge Solar facility will also have a positive economic impact on the local community by providing significant tax revenues for the Corsicana Independent School District.

Helping the Community

The Duke Energy Foundation has given the city of Richland, Texas, in Navarro County, a $50,000 DESS grant to support the revitalization of Richland Community Park. The grant was used to replace existing playground equipment with a new playscape and park benches and enhance landscaping around the new equipment.

The Foundation also awarded two grants to the Richland Volunteer Fire Department totaling $37,000 to help the department maintain the critical safety services it provides to local businesses and residents in Richland, Texas, and surrounding Navarro County.

Duke Energy Sustainable Solutions

Duke Energy Sustainable Solutions is a leader in sustainable energy, helping large enterprises reduce power costs, lower emissions and increase resiliency. The team provides wind, solar, resilient backup power and managed energy services to over 1,000 projects across the U.S., with a total electric capacity of more than 5,100 megawatts of nonregulated renewable energy.

Duke Energy Sustainable Solutions is a nonregulated commercial brand of Duke Energy (NYSE: DUK), a Fortune 150 company and one of the largest energy holding companies in the U.S., headquartered in Charlotte, N.C.

The brand includes the following subsidiaries of Duke Energy Corporation that are registered to transact business in various states and may be branded as Duke Energy Sustainable Solutions for marketing purposes: Duke Energy One, Inc.; Duke Energy Commercial Enterprises, Inc.; Duke Energy Renewables, Inc.; Duke Energy Renewables Commercial, LLC; Duke Energy Renewable Services, LLC.; Duke Energy Renewables Storage, LLC; Duke Energy Renewables Wind, LLC.; Duke Energy Renewables Solar, LLC.; and REC Solar Commercial Corporation.

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SOURCE: Duke Energy

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FAQ

What is the capacity of Duke Energy's new solar plant in Texas?

The new solar plant, the Pisgah Ridge Solar project, has a capacity of 250 megawatts (MW).

Which companies have signed virtual power purchase agreements with Duke Energy?

Charles River Laboratories and Meijer are among the companies that signed long-term virtual power purchase agreements for the Pisgah Ridge Solar project.

How much of the Pisgah Ridge Solar project's output is secured by VPPAs?

Over 90% of the Pisgah Ridge Solar project's output is secured by three virtual power purchase agreements.

What community benefits are expected from the Pisgah Ridge Solar project?

The project is expected to provide significant tax revenues for the Corsicana Independent School District and local economic benefits from increased spending during construction.

When did the Pisgah Ridge Solar project begin operations?

The Pisgah Ridge Solar project began operations on March 28, 2023.