Duke Energy acquires remaining shares in REC Solar

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Credit: Shutterstock.com/ Filip Fuxa

Duke Energy has acquired full ownership of California’s REC Solar after first acquiring a majority interest in February 2015.

The all-cash transaction saw Duke purchase the remaining shares in REC Solar for an undisclosed amount.

REC Solar will continue to be a part of Duke’s commercial renewables organisation, Duke Energy Renewables.

Duke said its experience in offsite solar and wind energy generation, microgrid, battery storage and other emerging technologies, will supplement REC’s onsite solar expertise.

“REC Solar complements our strengths in forming strategic partnerships with customers of all sizes,” said Chris Fallon, vice president Duke Energy Renewables and Commercial Portfolio.

“Energy solutions specifically tailored to the commercial consumer will expand renewable energy opportunities for enterprise, municipal, educational and business customers, large and small.”