Duke Energy reaches 10,000-megawatt renewable energy milestone

Rhea-AI Summary

Duke Energy has achieved a milestone by surpassing 10,000 MW of renewable energy capacity with the initiation of the 144-MW Pflugerville Solar project in Texas. This project, part of a broader 200-site renewable portfolio across 22 states, is expected to power approximately 27,000 homes and creates jobs while supporting local economies. Duke Energy aims for 16 GW of renewable capacity by 2025 and 47 GW by 2050, aligning with its climate goals of a 50% carbon reduction by 2030 and net-zero emissions by 2050.

Positive

• Duke Energy now owns or operates over 10,000 MW of renewable energy capacity.
• Pflugerville Solar project contributes significant renewable energy to meet local demand.
• Estimated power generation to serve around 27,000 homes.
• Plans to expand renewable capacity to 16 GW by 2025 and 47 GW by 2050.
• Job creation during construction, with 350 workers employed and local tradesmen filling over 50% of jobs.

Negative

• None.

CHARLOTTE, N.C., July 29, 2021 /PRNewswire/ -- With the 144-megawatt (MW) Pflugerville Solar facility coming online today, Duke Energy (NYSE: DUK) reached a significant milestone – it now owns, operates, or purchases more than 10,000 MW of solar and wind energy throughout the United States from both its regulated and nonregulated businesses.  

As one of the nation's top renewable energy providers, Duke Energy renewables portfolio includes nearly 200 sites in 22 states, with over 1,000 megawatts of new projects under construction throughout the country, including Florida, Texas, and the Carolinas.

At peak output, the company's current renewables portfolio capacity generates enough energy to serve the equivalent of approximately 2.4 million homes and businesses.

"Renewables are playing a major role as we make strong progress toward our ambitious climate goals of at least 50% carbon reduction by 2030 and net-zero by 2050," said Brian Savoy, Duke Energy's executive vice president, chief strategy and commercial officer. "This next decade will be our biggest ever, and we're well on our way to exceeding our decarbonization goals by growing our renewables portfolio to 16 GW by 2025 and 24 GW by 2030."

In addition to carbon reduction and the benefits of creating a diverse energy infrastructure, solar and wind development fosters economic development and job creation in the areas that Duke Energy serves. Currently, Duke Energy employs nearly 700 wind and solar technicians, project developers, support staff, and third-party contract workers, as well as provides more than $29 million in annual lease payments to local landowners. Additionally, at peak construction, renewable energy development generates hundreds of jobs in the communities where our projects are located.

"For more than a decade, Duke Energy has been delivering low-cost renewable power to our customers," said Chris Fallon, president of Duke Energy Sustainable Solutions. "These projects deliver significant economic and environmental benefits, while providing unique sustainability solutions for our customers and communities."

Pflugerville Solar

Located in Travis County, Texas, the 144-MW Pflugerville Solar project is the fifth utility scale solar facility that Duke Energy Sustainable Solutions,* a nonregulated commercial brand of Duke Energy, has placed in commercial operation in the state. Earlier this year, it also announced the construction of a sixth solar facility, the 250-MW Pisgah Ridge Solar project in Navarro County, Texas, which is expected to achieve commercial operation by the end of 2022.

The energy generated from the Pflugerville Solar project will be sold to Austin Energy under a 15-year power purchase agreement (PPA).

Austin Energy, the city of Austin's electric utility, serves more than 528,000 customer accounts and more than 1 million residents in Greater Austin. This PPA supports Austin Energy's renewable energy goals.

"We currently meet about 70% of our customers' energy needs with carbon-free resources," said Austin Energy General Manager Jackie Sargent. "Adding the Pflugerville Solar project to our portfolio will bring us closer to meeting our affordability and climate protection goals adopted by the Austin City Council and championed by our customers."

Duke Energy Sustainable Solutions acquired the project from Recurrent Energy, a wholly owned subsidiary of Canadian Solar Inc. (NASDAQ: CSIQ), in December 2020.

The 932-acre site, which contains approximately 489,600 Canadian Solar high-efficiency bifacial BiKu modules, will generate enough energy to power approximately 27,000 homes.

The engineering and construction for the project were performed by Signal Energy, and Duke Energy Sustainable Solutions will provide long-term operations and maintenance services to the project.

During peak construction, the project employed 350 workers, with at least 50% of those construction jobs filled by local skilled tradesmen from the Travis County area. Along with indirect economic benefits that accompany solar project development, such as increased local spending in the service and construction industries, Pflugerville Solar will also have a positive economic impact on the local community by providing significant tax revenues for Travis County and the Elgin Independent School District.

Looking ahead

Duke Energy has set a goal of reaching 16,000 MW of renewables by 2025 and 47,000 MW by 2050.

Renewable energy projects currently under development in the company's regulated and nonregulated footprint include:

Project	Megawatts	Location	In-service date
Broad River Solar*	50 MW	Cleveland County, N.C.	End of 2021
Stony Knoll Solar*	22.6 MW	Surry County, N.C.	End of 2021
Speedway Solar*	22.6 MW	Cabarrus County, N.C.	End of 2021
Woodfin Solar	5 MW	Buncombe County, N.C.	End of 2021
Duette Solar	74.5 MW	Manatee County, Fla.	End of 2021
Charlie Creek Solar	74.9 MW	Hardee County, Fla.	End of 2021
Bay Trail Solar	74.9 MW	Citrus County, Fla.	Early 2022
Fort Green Solar	74.9 MW	Hardee County, Fla.	Early 2022
Sandy Creek Solar	74.9 MW	Bay County, Fla.	Mid-2022
Bay Ranch Solar	74.9 MW	Bay County, Fla.	End of 2022
Hardeetown Solar	74.9 MW	Levy County, Fla.	End of 2022
Hildreth Solar	74.9 MW	Suwannee County, Fla.	End of 2022
Pisgah Ridge Solar*	250 MW	Navarro County, Texas	End of 2022
High Springs Solar	74.9	Alachua County, Fla.	Early 2023

* Duke Energy Sustainable Solutions operated/owned projects.

Duke Energy

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 7.9 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 51,000 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 27,500 people.

Duke Energy is executing an aggressive clean energy strategy to create a smarter energy future for its customers and communities – with goals of at least a 50% carbon reduction by 2030 and net-zero carbon emissions by 2050. The company is a top U.S. renewable energy provider, on track to own or purchase 16,000 megawatts of renewable energy capacity by 2025. The company also is investing in major electric grid upgrades and expanded battery storage and exploring zero-emitting power generation technologies such as hydrogen and advanced nuclear.

Duke Energy was named to Fortune's 2021 "World's Most Admired Companies" list and Forbes' "America'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.

Cautionary language concerning forward-looking statements

This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management's beliefs and assumptions. These forward-looking statements are identified by terms and phrases such as "anticipate," "believe," "intend," "estimate," "expect," "continue," "should," "could," "may," "plan," "project," "predict," "will," "potential," "forecast," "target," "outlook," "guidance," and similar expressions. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. These risks and uncertainties are identified and discussed in Duke Energy's most recent Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission ("SEC") and available at the SEC's website at sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than Duke Energy has described. Duke Energy expressly disclaims an obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

* Duke Energy Sustainable Solutions is a nonregulated commercial brand of Duke Energy Corporation, which 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 Commercial Enterprises, Inc.; Duke Energy One, Inc.; Duke Energy Renewables, Inc.; Duke Energy Renewables Commercial, LLC; Duke Energy Renewable Services, LLC; Duke Energy Renewables Solar, LLC; Duke Energy Renewables Storage, LLC; Duke Energy Renewables Wind, LLC; and REC Solar Commercial Corporation.

Media contact: Jennifer Garber
24-Hour: 800.559.3853

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SOURCE Duke Energy

FAQ

What is Duke Energy's recent milestone in renewable energy?

Duke Energy has surpassed 10,000 MW of renewable energy capacity with the Pflugerville Solar project.

How much power will the Pflugerville Solar project generate?

The Pflugerville Solar project is expected to generate enough energy to power approximately 27,000 homes.

What are Duke Energy's renewable energy goals for 2025 and 2030?

Duke Energy aims to reach 16 GW of renewables by 2025 and 47 GW by 2050.

Who will benefit from the energy generated by Pflugerville Solar?

The energy will be sold to Austin Energy under a 15-year power purchase agreement.

What is Duke Energy's plan for carbon reduction?

Duke Energy has set a goal of at least 50% carbon reduction by 2030 and aims for net-zero emissions by 2050.