Duke Energy is Investing in REC Solar to Grow the Commercial Solar Market
We are very excited to announce that as of February 6, 2015, REC Solar and Duke Energy, the nation’s largest electric power holding company, have partnered to bring you more affordable, simple solar solutions for your business. Together we have launched a $225 Million project investment fund to finance solar projects nationwide. This enables REC Solar to be a one-stop source for Engineering, Procurement, Construction AND Financing of your solar projects.
REC Solar is now in a strategic position to own and operate commercial solar energy systems, selling energy to business, non-profit and government organizations throughout the United States.
In addition to providing the project fund, Duke Energy Renewables has invested heavily in REC Solar, taking a majority ownership position. This ensures that REC Solar will have the capital required to fund significant growth in the coming years, as well as the financial strength and stability that our customers demand from an energy services provider.
“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 will offer simplified customer financing, including leases and power purchase agreements, which will provide customers with immediate savings with little to no upfront costs.
Read more about Duke’s investment in the full press release.