Duke Energy's Green Source Advantage continues solar expansion in North Carolina

Rhea-AI Summary

Duke University has signed a renewable power agreement under Duke Energy's Green Source Advantage program, marking it as the first academic institution to do so in North Carolina. The agreement involves purchasing approximately 101 megawatts (MW) of solar capacity from three facilities, contributing to the university's goal of carbon neutrality by 2024. The GSA program supports sustainability efforts and is part of broader initiatives to boost renewable energy in the state, which has 600 MW of capacity available. Duke Energy maintains about 3,500 MW of solar power in North Carolina.

Positive

• Duke University to purchase 101 MW of solar capacity, enhancing renewable energy usage.
• Agreement aligns with Duke University's carbon neutrality goal by 2024.
• Duke Energy's GSA program adds flexibility for large energy users seeking renewable energy.

Negative

• None.

CHARLOTTE, N.C., Sept. 15, 2020 /PRNewswire/ -- Duke University has become the first academic institution to execute a renewable power agreement under Duke Energy's Green Source Advantage (GSA) program – further expanding solar energy in North Carolina.

Duke University will purchase about 101 megawatts (MW) of solar capacity from three solar facilities in North Carolina. The power generated will partially offset the university's energy usage.

"The Green Source Advantage is an ideal fit for colleges and universities seeking to advance their renewable energy and sustainability goals," said Stephen De May, Duke Energy's North Carolina president. "The innovative program's flexibility allows for a major expansion of renewable energy in North Carolina."

The agreement will help Duke University's ambitious effort to become carbon neutral by 2024.

The expanded solar energy fits into the university's Climate Action Plan, which was launched in 2009 and updated in 2019 with a goal of reducing on-campus emissions by 84% by 2024, with the remaining emissions reduced to zero through investment in carbon offsets.

Duke University will partner with Asheville, N.C.-based Pine Gate Renewables to build the solar projects, which are being developed in partnership with Silver Pine Energy Holdings. The facilities will be online by 2022.

"We are excited to partner with Duke Energy and Duke University for these projects," said Pine Gate Renewables CEO Ben Catt. "We've developed, constructed and energized dozens of solar projects with Duke Energy over the years, and look forward to bringing more renewable energy to North Carolina through innovative and exciting programs such as GSA."

"This partnership (with Pine Gate Renewables) is a key step toward carbon neutrality," said Duke President Vincent E. Price. "Duke is committed to building on our history of leadership in protecting the environment, a vitally important priority for our university – and for humanity – as we grapple with the challenges of climate change."

The GSA program is an outgrowth of 2017's landmark solar legislation in North Carolina. Programs such as solar rebates for customers and solar leasing were also part of that legislation. Overall, there is 600 MW of capacity available under GSA. Currently, around 30 MW is still available to eligible customers.

The GSA allows large energy users to offset its power purchases by securing renewable energy from projects connected to the Duke Energy grid. The customer may keep the Renewable Energy Certificates (RECs) of the projects and use the energy purchased to satisfy sustainability or carbon-free goals.

Two other GSA contracts have been announced this year:

• The City of Charlotte will buy the output from a 35-MW facility in Iredell County.
• Bank of America will buy the output from a 25-MW facility planned by Silver Pine Energy Holdings.

Under GSA, customers and developers agree on the specific project and additional costs associated with energy from the facility. Other Duke Energy customers do not pay for any part of the project.

Duke Energy maintains about 3,500 MW of solar power on its energy grid in North Carolina, which could power about 700,000 homes and businesses at peak output. The company also operates 40 solar facilities in the state. North Carolina currently ranks No. 2 in the nation for overall solar power.

Duke Energy

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, and 3,000 megawatts through its nonregulated Duke Energy Renewables unit.

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. The Electric Utilities and Infrastructure unit's regulated utilities serve approximately 7.7 million retail electric customers in six states – North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky. The Gas Utilities and Infrastructure unit distributes natural gas to more than 1.6 million customers in five states – North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The Duke Energy Renewables unit operates wind and solar generation facilities across the U.S., as well as energy storage and microgrid projects.

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.

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SOURCE Duke Energy

FAQ

What is Duke University's renewable power agreement with Duke Energy?

Duke University has signed a renewable power agreement to purchase approximately 101 MW of solar capacity under Duke Energy's Green Source Advantage program.

How will the renewable power agreement impact Duke University's sustainability goals?

The agreement will aid Duke University in achieving its goal of carbon neutrality by 2024.

What is the Green Source Advantage (GSA) program?

The GSA program allows large energy users to offset their power purchases by securing renewable energy from projects connected to Duke Energy's grid.

When will the solar facilities from this agreement go online?

The solar facilities are expected to be operational by 2022.

How much solar capacity does Duke Energy maintain in North Carolina?

Duke Energy maintains about 3,500 MW of solar power in North Carolina.