Posted by Johann Nacario — June 27, 2023 — Duke Energy recently announced it has reached an agreement to sell its unregulated utility-scale Commercial Renewables business to Brookfield Renewable, which will help solidify Brookfield’s position as one of the world’s largest owners and operators of renewable power and climate transition assets. The transaction will enable Duke Energy to focus on the growth of its regulated businesses, including investments to enhance grid reliability and help incorporate over 30,000 megawatts of regulated renewable energy into its system by 2035.
Lynn Good, Duke Energy chair, president and CEO, remarked:
As one of the country’s largest renewable energy operators, Brookfield has the resources to support the continued growth and success of the Commercial Renewables’ portfolio. This sale is an important step in our transition into a purely regulated company with significant grid and clean energy investment plans that will deliver benefits to our customers and stakeholders.
The sale agreement for the Commercial Renewables business platform includes more than 3,400 megawatts (alternating current) of utility-scale solar, wind and battery storage across the U.S., and net of joint venture partners ownership, in addition to operations, new project development, and current projects under construction. The primary operations of the Commercial Renewables business will remain in Charlotte, NC, and the Duke Energy employees who support the business will transition over to Brookfield to maintain business continuity for its operations and customers.
Connor Teskey, CEO of Brookfield Renewable, stated:
With this acquisition, we are adding a scale operating renewable platform with a full suite of in-house capabilities and a proven management team experienced in operations and development. We are also adding to our pipeline of renewable development projects, solidifying our position as one of the largest renewable energy businesses in the U.S., with almost 90,000 megawatts of operating and development assets.
The sale, subject to satisfaction of customary closing conditions, is expected to close by the end of 2023. Duke Energy also continues to make strong progress on a separate sale underway for its distributed energy business, which is also expected to close by year-end 2023.
Find out more about Brookfield renewable energy solutions here.