Duke Energy Corp bolsters solar portfolio with 60 MW Colorado project acquisition

U.S.-based utility giant continues to diversify energy holdings with latest acquisition for a utility-scale plant that will directly benefit residential solar consumers.

The renewables subsidiary Duke Energy Renewables, based off utility giant Duke Energy (NYSE: DUK) announced Thursday the acquisition of a 60 MW Palmer Solar solar energy plant in Colorado Springs, Colorado. The project has rows of solar paneling totaling 200,000 and becomes the second larger project acquired by Duke Energy in Colorado, raising the utility’s portfolio up to 70 MW for the state.  

The project was originally introduced through a May 2019 EPC agreement with JSI Construction Group, the construction branch of larger utility-scale solar developer juwi Americas. 

“We’re pleased to continue expanding our solar footprint in Colorado,” said Rob Caldwell, president of Duke Energy Renewables. “The Palmer Solar project is another positive step toward Gov. Polis’ dedication of moving the state’s electric grid to 100% renewable sources by 2040.”

The development assets for the Palmer project will be undertaken through a partnership between Duke Energy and Colorado Springs Utilities, a local utility company that will provide the energy generated from the project to customers over a 20-year PPA agreement. The energy has been estimated enough to power close to 19,000 residential homes in the Colorado Springs area.  

Additionally, the PPA agreement and EPC contract will provide tax revenue benefits to the local economy, with an estimated property tax revenue of approximately $5.2 million over the 20-year PPA span.  

Duke Energy Renewables estimates the construction of the Palmer project to be completed sometime in Q4 2020. With this acquisition, Duke Energy continues to move itself into the top ranks of U.S. renewable energy providers with expectations of close to 8,000 MW of wind, solar, and biomass energy purchases by the end of 2020.