Duke Energy acquires full ownership of California-based REC Solar

North Carolina-based utility Duke Energy announced yesterday it has acquired full ownership of California-based REC Solar, a provider of renewable energy solutions for commercial customers throughout the U.S.

Duke Energy purchased the remaining shares of REC Solar in a cash transaction. Duke Energy first acquired a majority interest in REC Solar in February of 2015.

REC Solar will continue to be a part of Duke Energy Renewables, Duke Energy’s commercial renewables organization. Duke Energy Renewables’ experience in offsite solar and wind energy generation, microgrid, battery storage and other emerging technologies, will supplement REC’s onsite solar expertise.

Chris Fallon, vice president Duke Energy Renewables and Commercial Portfolio said:

“REC Solar complements our strengths in forming strategic partnerships with customers of all sizes. Energy solutions specifically tailored to the commercial consumer will expand renewable energy opportunities for enterprise, municipal, educational and business customers, large and small.”

Matthew Walz, president & CEO of REC Solar said:

“Duke Energy brings expertise in utility-scale renewables and enables us to be a one-stop-shop solution for customers in a complex marketplace. We can offer our customers access to more financing options and diverse energy choices, whether it be offsite or onsite, battery storage, solar power or wind generation.”


Source: Press Release by Duke Energy. Image Credit: Duke Energy.