Duke Energy Corporation DUK announced that its subsidiary Duke Energy Renewables, in collaboration with SolAmerica Energy, has developed nine solar projects in Central Georgia. These renewable assets were added in accordance with Georgia Power’s Renewable Energy Development Initiative.
A total of 14.1 megawatts (MW) power produced from these nine solar projects will be sold to Georgia Power under a 35-year power purchase agreement. Given these functional new solar projects, Duke Energy Renewables’ total solar capacity in Georgia touched 27.4 MW. The company aims to further expand solar power projects in Georgia.
Renewable Focus of Duke Energy
Currently, the utility provider boasts a solar portfolio that includes 70 sites in 10 states, with a total capacity of 1.1 gigawatts. The company has invested nearly $5 billion in wind and solar power businesses since 2007.
Duke Energy Renewables has long-term plans to add more renewable assets to its generation portfolio. The company continued to expand its wind and solar portfolio, which is part of the commercial renewables business. At the end of 2018, Duke Energy Renewables had nearly 3,000 MW of renewable assets across 14 states, comprising 21 wind and 64 solar facilities. The company aims to add nearly 700 MW of solar generation in Florida.
Emphasis on Clean Power Generation
It is quite evident that renewable sources of energy are being utilized effectively to produce electricity in the United States. Per the latest report from the U.S. Energy Information Administration, (“EIA”) all renewable fuels — including wind, solar and hydropower — will produce 18% of U.S. electricity in 2019 and almost 20% in 2020.
The report also indicates that wind, solar and other non-hydropower renewables will constitute 11% of the total electricity generated in the United States in 2019 and 13% in 2020.
Utilities like Dominion Energy D, American Electric Power Company AEP and NextEra Energy NEE are investing substantially in solar energy in their electricity generation portfolio.
Zacks Rank & Price Performance
Duke Energy currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Shares of Duke Energy have gained 12.6% compared with the industry’s 11.2% rally in the past 12 months.
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