Duke Energy Indiana commits to purchase up to 199 megawatts of solar power from Shelby County-based facility

Rhea-AI Summary

Duke Energy expands Indiana solar energy resources with a 199 MW solar power purchase agreement. The agreement is with renewable energy developer Ranger Power for the Speedway Solar facility. Duke Energy is proposing to add 2,218 MW of solar power, 450 MW of solar with energy storage, and 6,200 MW of wind energy.

Positive

• Duke Energy signs a 20-year power purchase agreement for up to 199 MW of solar power from Ranger Power's Speedway Solar facility. This will provide low-cost, clean energy to approximately 35,000 homes in Indiana.

Negative

• None.

• Project will provide low-cost, clean energy to Duke Energy's Indiana customers

PLAINFIELD, Ind., June 22, 2023 /PRNewswire/ -- Duke Energy is expanding its Indiana solar energy resources. The company has signed an agreement with renewable energy developer Ranger Power for up to 199 megawatts of solar power to serve the equivalent of roughly 35,000 homes.

The company has filed a request with the Indiana Utility Regulatory Commission to approve the agreement. Pending regulatory approval, the energy generated from Ranger Power's Speedway Solar facility will be sold to the company under a 20-year power purchase agreement.

"The emission-free solar power that this new facility generates will help us continue to diversify our generation resources and make meaningful progress toward a cleaner energy future," said Stan Pinegar, president of Duke Energy Indiana.

Construction on the 1,700-acre facility located south of Gwynneville, Ind., began in March 2023. It's expected to reach commercial operation by September 2025.

"We are thrilled to bring this significant investment in clean energy to Shelby County and the state of Indiana," said Adam Cohen, CEO of Ranger Power. "Speedway Solar will deliver significant economic and environmental benefits for decades to come – powering businesses and homes in Indiana."

Under the company's most recent Indiana Integrated Resource Plan, Duke Energy is proposing to add 2,218 megawatts of solar power, 450 megawatts of solar with energy storage and 6,200 megawatts of wind energy. These new investments in renewable energy are in addition to the continuing operation of the company's Crane solar plant in southern Indiana, the recent expansion of its Markland hydroelectric plant and additional solar and wind power the company purchases.

Duke Energy Indiana

Duke Energy Indiana, a subsidiary of Duke Energy, provides about 6,600 megawatts of owned electric capacity to approximately 890,000 customers in a 23,000-square-mile service area, making it Indiana's largest electric supplier.

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America's largest energy holding companies. Its electric utilities serve 8.2 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 50,000 megawatts of energy capacity. Its natural gas unit serves 1.6 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The company employs 27,600 people.

Duke Energy is executing an aggressive clean energy transition to achieve its goals of net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050. The company has interim carbon emission targets of at least 50% reduction from electric generation by 2030, 50% for Scope 2 and certain Scope 3 upstream and downstream emissions by 2035, and 80% from electric generation by 2040. In addition, the company is investing in major electric grid enhancements and energy storage, and exploring zero-emission power generation technologies such as hydrogen and advanced nuclear. 

Duke Energy was named to Fortune's 2023 "World's Most Admired Companies" list and Forbes' "World's Best Employers" list. More information is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos and videos. Duke Energy's illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.

Contact: McKenzie Barbknecht
Phone: 800.559.3853

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SOURCE Duke Energy

FAQ

What is the agreement between Duke Energy and Ranger Power?

The agreement is for Duke Energy to purchase up to 199 MW of solar power from Ranger Power's Speedway Solar facility.

How many homes will be served by the solar power?

The solar power will serve the equivalent of roughly 35,000 homes.

What other renewable energy investments is Duke Energy proposing?

Duke Energy is proposing to add 2,218 MW of solar power, 450 MW of solar with energy storage, and 6,200 MW of wind energy.

What are Duke Energy's clean energy goals?

Duke Energy aims to achieve net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050.