Duke Energy To Build 2 New Solar Power Facilities In Florida
Zacks Investment Research | Jan 27, 2020 09:04PM ET
Duke Energy Corporation (NYSE:DUK) recently announced that its subsidiary — Duke Energy Florida — will construct two new solar power plants in Florida. The construction of the Twin Rivers Solar Power Plant in Hamilton County and the Santa Fe Solar Power Plant in Columbia County are expected start from March 2020.
Both the projects, each with 74.9 megawatt (MW) solar power capacity, are expected to remove approximately 600 million pounds of carbon dioxide emissions each year in the state after their expected completion in late 2020.
Steady Solar Project Developments in Florida
Duke Energy Florida is committed to provide cleaner environment to its customers in the state on a consistent basis.
Florida, termed as Sunshine state, is an appropriate region for harnessing solar energy. Recently, the company completed two solar plants in the state. On Dec 9, 2019, the Lake Placid Solar Power Plant was completed in Highlands County with 45 MW solar power facilities. In Dec 18, the Trenton Solar Power Plant with 74.9 MW facilities was completed in Gilchrist County.
Moreover, there are other two projects — Columbia Solar Power Plant and The DeBary Solar Power Plant — that are under construction and expected to begin their services from April and June, 2020, respectively. In Florida, the company is set to build up to 700 MW of solar projects by 2022. In sync with this plan, Duke Energy will invest nearly $1 billion from 2018-2022.
Also, NextEra Energy’s (NYSE:NEE) primary subsidiary — Florida Power & Light Company — announced its “30-by-30” plan to install more than 30 million solar panels in Florida by 2030.
Solar Energy Portfolio Enhancement
With rising environment awareness, the adoption of renewable energy has increased worldwide. Moreover, solar energy will be a vital resource when renewables become the primary source of power generation. Duke Energy is undertaking efforts to expand its renewable asset base. With respect to its commercial renewables business, the company continued to expand its wind and solar portfolio in 2018, with nearly 2,900 megawatt (MW) capacity across 14 states. The portfolio comprises 21 wind and 64 solar facilities.
Along with these developments, the company is acquiring existing solar power plants. In September 2019, Duke Energy Renewables bought a Texas-based solar project — Rambler — from Recurrent Energy that is a subsidiary of Canadian Solar (NASDAQ:CSIQ) . In January 2020, the company acquired a portfolio of nine solar projects in the state of Georgia, which comes under the Renewable Energy Development Initiative of Georgia Power — a unit of The Southern Company (NYSE:SO) . We believe that such initiatives will expand Duke Energy’s commercial renewables footprint and help it on its objective to cut down carbon di-oxide emission to zero level by 2050.
Get The News You Want
Price Movement
In a year’s time, shares of Duke Energy have increased 17.1% compared with the Original post
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.