Duke Energy Renewables' largest solar project now online in Texas

Rhea-AI Summary

Duke Energy Renewables has launched its largest solar project, the 200-MWac Holstein Solar facility in Nolan County, Texas. This project began commercial operations and will generate enough power for 40,000 homes. It includes over 709,000 solar panels across 1,300 acres and employed 400 workers at peak construction. The energy generated will be sold through a 12-year hedge agreement with Goldman Sachs. With this addition, Duke Energy's total solar capacity in Texas reaches 514 MWac, supporting the state's growing renewable energy market.

Positive

• Launch of the 200-MWac Holstein Solar facility, Duke Energy's largest solar project.
• The facility will generate power equivalent for 40,000 homes.
• Supports the growing renewable energy sector in Texas.

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• None.

CHARLOTTE, N.C., July 7, 2020 /PRNewswire/ -- Duke Energy Renewables, a subsidiary of Duke Energy (NYSE: DUK), announced that its 200-megawatt alternating current (MWac) Holstein Solar project in Nolan County, Texas, has begun commercial operation. It is the largest solar project in Duke Energy Renewables' fleet.

"Texas is one of the fastest growing solar energy markets in the country. Holstein Solar supports the state's growth and is a great addition to our growing Texas solar energy portfolio," said Chris Fallon, vice president of Duke Energy Renewables. "We're pleased to support the state's expanding renewable energy industry by providing low-cost, clean energy resources to meet the growing needs of Texans."

Duke Energy Renewables acquired the project from 8minute Solar Energy, a leading developer of utility-scale solar projects. 8minute Solar Energy led the development of the project and brought the EPC, operation and maintenance (O&M), hedge, tax equity and debt counterparties to the project. 

"We are changing the energy game in Texas. Holstein proves that in Texas, where cost is the top consideration, solar is a smart and reliable choice," said Dr. Tom Buttgenbach, president and CEO of 8minute Solar Energy. "We are proud to partner with Duke Energy Renewables on large-scale solar projects that now fulfill the promise of a future where energy is clean, abundant and affordable for all."

The Holstein Solar project is among four Duke Energy Renewables solar generation facilities in Texas. The 100-MWac Lapetus Solar project in Andrews County went into commercial operation in January 2020. Duke Energy Renewables is also working to complete construction of its 200-MWac Rambler Solar project in Tom Green County, which is slated to be in commercial operation by mid-2020. The addition of these projects will bring Duke Energy Renewables' total Texas solar energy portfolio to 514 MWac.

The 200-MWac Holstein Solar project contains over 709,000 solar panels across approximately 1,300 acres in Wingate, Texas. The facility will power the equivalent of 40,000 homes.

The project employed up to 400 workers during peak construction.

Much of the energy generated from the Holstein Solar project will be sold through a 12-year term hedge agreement to J. Aron & Company LLC, a subsidiary of Goldman Sachs. This is the first Duke Energy Renewables solar project to utilize a hedge agreement.

The facility's design, procurement of inverters, balance of plant systems and construction of the project were performed by Blattner Energy. First Solar Energy Services will provide O&M services for the project under a five-year agreement.

As one of the nation's top renewable energy providers, Duke Energy currently owns, operates and contracts more than 8,000 MW of capacity and plans to double that by 2025.

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 150 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 2020 "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.    

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 Form 10-K for the year ended December 31, 2018, and subsequent quarterly reports filed with the Securities and Exchange Commission ("SEC") and available at the SEC's website at www.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.

Contact: Jennifer Garber
Office: 980.373.0668 | 24-Hour: 800-559-3853

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SOURCE Duke Energy

FAQ

What is the Holstein Solar project by Duke Energy?

The Holstein Solar project is a 200-MWac solar facility located in Nolan County, Texas, and is Duke Energy's largest solar project, now in commercial operation.

How many homes can the Holstein Solar project power?

The Holstein Solar project can power the equivalent of 40,000 homes.

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

With the Holstein Solar project, Duke Energy's total solar capacity in Texas now reaches 514 MWac.

Who is purchasing energy from the Holstein Solar project?

Energy from the Holstein Solar project will be sold to J. Aron & Company LLC, a subsidiary of Goldman Sachs, through a 12-year hedge agreement.

When did the Holstein Solar project begin commercial operations?

The Holstein Solar project began commercial operations on July 7, 2020.