Duke Energy Renewables' largest solar project now online in California

CHARLOTTE, N.C., June 19, 2019 /PRNewswire/ -- Duke Energy Renewables, a subsidiary of Duke Energy (NYSE: DUK), today announced that its 150-megawatt (MW) North Rosamond solar project in Kern County, Calif., has begun commercial operation. It is the largest solar project in Duke Energy Renewables' fleet.

"North Rosamond is a great addition to our growing solar portfolio," said Rob Caldwell, president of Duke Energy Renewables. "California is a leader in renewable energy, and we're pleased to support the state's efforts by continuing to provide cost-efficient renewable energy to meet residents' needs."

The 150-MW project, which contains over 477,000 solar panels, is located on approximately 1,188 acres outside of Rosamond, Calif., and will power approximately 71,000 homes. The North Rosamond solar project is Duke Energy Renewables' sixth solar generation facility in Kern County.

The energy generated from the North Rosamond solar project is being sold to Southern California Edison under a 15-year agreement.

The project, which Duke Energy Renewables acquired from a subsidiary of Clearway Energy Group in April 2019, employed as many as 500 individuals during the peak construction period.

The facility's design, procurement of PV modules, inverters, balance of plant systems and construction of the project were performed by First Solar Electric California's engineering, procurement and construction (EPC) subsidiary under a fixed-price EPC agreement for the project.

The U.S. Bancorp Community Development Corporation, the tax credit division of U.S. Bank; M&T Bank's Commercial Equipment Finance Group; and The Guardian Life Insurance Company of America provided tax equity financing to the project.

CIT's Power and Energy group led a consortium of lending institutions that provided construction loan and ITC bridge loan facilities to fund equipment, engineering, construction and other costs needed to achieve final completion of the project. These facilities will be converted to a single term loan facility that will be used to finance the project over the next 15 years.

Duke Energy is one of the nation's top renewable energy providers – on track to own or purchase 8,000 megawatts of wind, solar and biomass energy by 2020.

Duke Energy Renewables

Duke Energy Renewables, a nonregulated unit of Duke Energy, operates wind and solar generation facilities across the U.S., with a total electric capacity of 3,000 megawatts. The power is sold to electric utilities, electric cooperatives, municipalities, and commercial and industrial customers. The unit also operates energy storage and microgrid projects. Visit Duke Energy Renewables for more information.

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, in addition to Duke Energy Renewables' capacity.

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.

Duke Energy was named to Fortune's 2019 "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.

Contact: Jennifer Garber
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SOURCE Duke Energy

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