Duke contracts for 230MW of North Carolina solar

OREANDA-NEWS. June 18, 2015. Duke Energy has agreed to buy generation from 230MW of planned solar capacity in North Carolina from Texas-based Principal Solar.

Duke Energy Progress has agreed to buy generation from three facilities in North Carolina, according to Principal's filing today with the US Securities and Exchange Commission ahead of an initial public offering. The three sites each expect to finish construction by mid-2016.

Combined, Duke is likely to procure generation from the 78.5MW Sunrise IV project in Cumberland County under a 15-year contact, the 72.9MW Sunrise V facility in Fayetteville under a 10-year contract and the 78.5MW Sunrise VII project in Anson County under a 10-year contract.

Principal has partially acquired each of the projects from North Carolina developer Innovative Solar Systems, subject to launch of commercial operations.

Principal expects to complete financing on these projects following its initial public offering on NASDAQ, expected this week. The company will issue 1.5mn common shares priced between \\$7-9, it said in its filing.

Principal also plans to develop up to 500MW of solar capacity in the Texas panhandle, starting with the 150MW Sunrise VI project near Amarillo. The project, due to come on line by mid-2016, would sell its output to unidentified merchant generators, the filing said.