Duke Energy completes the acquisition of REC Solar

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Duke Energy announced today it has acquired full ownership of California-based REC Solar, a provider of renewable energy solutions for commercial customers throughout the U.S.

Duke Energy first acquired a majority interest in REC Solar in February of 2015. Duke Energy purchased the remaining shares of REC Solar in a cash transaction. Details were not disclosed. REC Solar will be managed as an independent business unit of Duke Energy Renewables.

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

“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.”

“Duke Energy brings expertise in utility-scale renewables and enables us to be a one-stop-shop solution for customers in a complex marketplace,” said Matthew Walz, president & CEO of REC Solar. “We can offer our customers access to more financing options and diverse energy choices, whether it be offsite or onsite, battery storage, solar power or wind generation.”

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