To make distributed PV generation more affordable and accessible to commercial customers, Duke Energy, a U.S.-based electricity utility, announced to acquire a majority interest in REC Solar, a provider of comprehensive commercial solar and energy solutions nationwide. Duke Energy has also decided to invest up to USD$225 million in solar projects for REC Solar commercial customers over the following years.
With the acquisition, REC Solar, based in San Luis Obispo, California, will deliver a simple sales and financing process for commercial-scale customers, similar to that provided by residential solar companies. REC Solar serves key sectors including retail, manufacturing, agriculture, technology, government and nonprofits.
“This arrangement will build on Duke Energy’s mission of giving commercial customers solutions that reduce energy costs and achieve their sustainability goals,” said Marc Manly, Duke Energy executive vice president and president – Commercial Portfolio. “Through this arrangement, REC Solar will be better equipped to expand its offerings to commercial customers and provide an array of cost-efficient energy solutions.”
“We plan to extend the benefits of clean, distributed energy solutions to previously underserved small and medium-sized businesses,” said Allen Bucknam, chief executive officer, REC Solar. “The Duke Energy relationship realizes our strategy to be the one-stop shop for commercial solar by securing a predictable and streamlined customer financing process.”
Partnering with Duke Energy Renewables, REC Solar offers simplified customer financing, including leases and power purchase agreements, to provide customers with immediate savings. Bucknam further pointed out that REC Solar is aiming to accelerate commercial solar growth and provide end-to-end energy solutions to business, governments and educational institutions across the United States by lowering upfront costs and making entering solar easier.
The terms of the deal were not disclosed.
(Photo Credit: REC Solar)