Electricity company Duke Energy has purchased the remaining shares of renewable energy solutions provider REC Solar to acquire complete ownership.
Duke Energy first bought majority shares in REC Solar in 2015, integrating the company into its brand Duke Energy Renewables.
Commercial portfolio vice-president of Duke Energy Renewables Chris Fallon 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.”
Duke Energy Renewables’ knowledge on offsite solar and wind energy generation, microgrid, battery storage and other emerging technologies will help support REC Solar’s onsite solar projects.
REC Solar president and CEO Matthew Walz 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, solarpower or wind generation.”
Duke Energy bought the remaining shares of REC Solar in a cash transaction.