Duke Energy Renewables – DUK – Acquired a 10-megawatt (MW) utility-scale solar project

Duke Energy Renewables (NYSE:DUK) has acquired a 10-megawatt (MW) utility-scale solar project near Kingman, Ariz., from SOLON Corp.

The Black Mountain Solar Project under construction in Mohave County is expected to achieve commercial operation in October of this year. UniSource Energy Services (UES) will purchase the power generated at the Black Mountain site through a 20-year power purchase agreement.

“This acquisition expands our footprint in the western United States and helps a premier Arizona energy service provider deliver affordable, zero-emission renewable power to its customers,” said Duke Energy Renewables President Greg Wolf. “Comprised of more than 40,000 solar panels, the Black Mountain project is expected to produce enough electricity to power about 2,000 homes.”

Duke Energy Renewables, part of Duke Energy’s Commercial Businesses, purchased the photovoltaic project from SOLON Corp., one of the largest solar power plant developers in the U.S. Financial terms were not disclosed.

SOLON designed the solar array, powered by SOLON’s single-axis tracking technology, and will construct and continue to handle operations, monitoring and maintenance of the system after it is commissioned.

“We’re excited to be partnering with Duke Energy on this project to provide a cost effective way for Unisource Energy Services to bring solar to Arizona,” said Dan Alcombright, president and CEO of SOLON Corporation. “With more than 60 MW of utility-scale photovoltaic systems installed in Arizona, SOLON is committed to delivering proven solutions to utilities and creating renewable energy jobs for the economy. We are proud that this 10-MW project will create more than 250 local jobs during construction.”

Duke Energy Renewables already owns two other solar facilities in the state: the 4-MW Ajo Solar Farm in Pima County and the 15-MW Bagdad Solar Farm in Yavapai County.

Black Mountain is Duke Energy Renewables’ 12th wholly owned commercial solar farm. Since 2007, Duke Energy has invested more than $2.5 billion to grow its commercial wind and solar business lines.

About Duke Energy Renewables – DUK

Duke Energy Renewables (DUK), part of Duke Energy’s Commercial Businesses, is a leader in developing innovative wind and solar energy generation projects for customers throughout the United States. The company’s growing portfolio of commercial renewable assets includes 10 wind farms and 12 solar farms in operation in eight states, totaling more than 1,000 megawatts in electric-generating capacity. Duke Energy Renewables will complete five additional wind farms in 2012.

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Post Written By: Ed Liston Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.