Duke Energy Renewables Enters N.Y. Market With Acquisition Deal


North Carolina-based Duke Energy Renewables is expanding its footprint into the New York market through a deal to acquire the 24.9 MW Shoreham Solar Commons project on Long Island from developer Invenergy.

The project, currently under construction by Invenergy, is located in Brookhaven, N.Y., about 60 miles east of Manhattan. It is being built on the grounds of the former Tallgrass Golf Course and is expected to be complete in the second quarter of 2018. The Long Island Power Authority (LIPA) will purchase the power under a 20-year agreement.

“We are excited to enter New York with a renewables project that offers many benefits to the state and local community,” says Rob Caldwell, president of Duke Energy Renewables and Distributed Energy Technology. “The solar project will help meet the energy needs of LIPA’s customers while delivering tremendous economic and environmental benefits.”

The project is expected to create more than 175 local jobs during construction and generate between $700,000 and $900,000 in annual tax revenue for the local community. Furthermore, with the redevelopment, Invenergy is planting an additional 2,000 trees on the site.

“Duke Energy has a reputation of excellence, and we are pleased to help them and their stakeholders meet the increasing demand for affordable, renewable energy,” says Bryan Schueler, Invenergy’s EVP and chief development officer. “Repurposing the former Tallgrass Golf Course into a solar site eliminates the use of pesticides and fertilizers on the property, protecting Long Island’s fresh water aquifer and providing environmental benefits in addition to the generation of renewable energy.”

Invenergy recently closed construction financing for the project with MUFG, the administrative agent and lead arranger. Duke Energy Renewables will close on the transaction post-construction, pending federal and local approvals.



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