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January 8, 2021

Duke Energy Renewables acquires solar project from Recurrent Energy

Duke Energy Renewables will acquire a solar project from Canadian Solar’s subsidiary Recurrent Energy.

Duke Energy Renewables will acquire a solar project from Canadian Solar’s subsidiary Recurrent Energy.

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
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The Duke Energy subsidiary announced the acquisition of the 144MW Pflugerville Solar project in Texas on Thursday.

The Pflugerville Solar project is currently under construction and is expected to come online this year. Spread across 932 acres of land area in Travis County, the facility will use 489,600 pieces of Canadian Solar’s bifacial BiKu modules. Engineering and construction services for the project are being provided by Signal Energy.

Duke Energy Renewables president Chris Fallon said: “We’re excited to add this terrific project to our growing Texas solar portfolio to meet the increasing demand for power in the state and support our longstanding relationship with Austin Energy.

“In addition to providing Austin Energy’s customers with low-cost clean energy, this project will also bring significant economic benefits to the state.”

For this project, Duke Energy Renewables will provide the long-term operations and maintenance services.

Canadian Solar chairman and CEO Shawn Qu said: “We have a long-standing relationship with Duke Energy Renewables and are pleased that they have become the new owners of Pflugerville Solar, as it is a landmark project that will power local homes in the Austin area, supporting the clean energy transition as the Lone Star State continues to diversify its energy mix.”

Once operational, Pflugerville Solar project will power nearly 27,000 homes. The City of Austin’s electric utility Austin Energy will purchase power from facility under a 15-year power purchase agreement.

In August, Recurrent Energy secured debt and tax equity financing of more than $234m to support the construction of the project.

During the peak construction phase, the project will employ 350 workers. Nearly 50% of those construction jobs will be filled by local skilled tradesmen of Travis County area.

Pflugerville Solar project is said to be the fifth project acquired by Duke Energy Renewables from Recurrent Energy.

The project is also expected to support Duke Energy’s goals of doubling its renewable energy resources by the end of 2025.

Financial details of the deal have not been disclosed by either company.

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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