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Duke Energy acquires solar project in Arizona

Wed, 05/02/2012 - 9:13am
The Associated Press

Duke Energy Corp.'s wind and solar unit on Wednesday said that it acquired a solar project in Arizona from Solon Corp.

Financial terms were undisclosed.

The project is a 10-megawatt solar power plant, with 40,000 solar panels, under construction in Mohave County in northwestern Arizona. It is expected to begin commercial operation in October.

UniSource Energy Services plans to buy the power generated at the plant through a 20-year agreement. It is expected to generate enough electricity to power about 2,000 homes.

The deal expands Duke's presence in the Western U.S. Solon will construct the facility and continue to handle operations, monitoring and maintenance after it is in service.

The facility will be Duke Energy Renewables' 12th commercial solar farm. It owns two others in Arizona.

Duke Energy Shares slipped 4 cents to $21.49 during midday trading.

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