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Newest solar project selected through rigorous competitive bidding process
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Joins more than 40 other Duke Energy solar plants in N.C.
CHARLOTTE, N.C. – Expanding its significant clean-energy portfolio, Duke Energy has begun construction on the 50-MW Broad River Solar power plant in Cleveland County, N.C.
The project will be owned and operated by Duke Energy Renewables, a commercial subsidiary of Duke Energy. The project was selected as part of the competitive bidding process established by 2017’s landmark solar legislation in North Carolina.
The power plant will contain more than 170,000 solar panels across approximately 500 acres near Boiling Springs. The facility will power the equivalent of 12,500 homes. It is expected to reach commercial operation by the end of 2021.
“Solar power continues to play a big role in our aggressive pursuit to reduce carbon emissions and achieve our net-zero carbon goal for 2050,” said Stephen De May, Duke Energy’s North Carolina president. “We’ll continue to deliver renewable energy by building and purchasing more carbon-free power for our customers.”
Under North Carolina’s Competitive Procurement for Renewable Energy, proposed projects must be built where there is a need for energy capacity on the Duke Energy system in North Carolina or South Carolina. The bids can come from any company, including Duke Energy, and can be in the form of power purchase agreements (PPA), utility self-developed facilities or utility asset acquisitions.
“In addition to increasing the renewable energy resources in the state, the project will also deliver significant economic benefits to Cleveland County,” said Chris Fallon, president of Duke Energy Renewables.
During peak construction, Broad River Solar will generate approximately 120 jobs. Along with indirect economic benefits that accompany solar project development, such as increased local spending in the service and construction industries, Broad River Solar will also have a positive economic impact on the local community by providing local tax revenues to the county and local school districts, as well as meaningful payments to the participating landowners.
The facility’s design, procurement of inverters, balance of plant systems and construction of the project will be performed by Swinerton. The solar power generated by Broad River Solar will be sold through a 20-year power purchase agreement.
Because of the project, the Duke Energy Foundation recently awarded a $5,000 grant to the Cleveland County Schools Educational Foundation and Crest High School to add a renewable energy and green construction skills module into the school's workforce development curriculum.
A leader in renewable energy
Duke Energy maintains more than 3,700 MW of solar power on its energy grid in North Carolina, which could power about 700,000 homes and businesses at peak output. The company also operates more than 40 solar facilities in the state. North Carolina currently ranks No. 3 in the nation for overall solar power. With nuclear, hydro and renewable energy, more than half of North Carolina’s energy mix is carbon-free.
As one of the nation’s top renewable energy providers, Duke Energy’s plans to double its enterprisewide renewable portfolio from 8 gigawatts (GW) of capacity to 16 GW by the end of 2025.
Duke Energy Renewables
Duke Energy Renewables, a nonregulated unit of Duke Energy, operates wind and solar generation facilities across the U.S., with a total electric capacity of 3,000 megawatts. Duke Energy is one of the nation's top renewable energy providers – aiming to own or purchase 16,000 megawatts of wind, solar and biomass energy by 2025. The power is sold to electric utilities, electric cooperatives, municipalities, and commercial and industrial customers. The unit also operates energy storage and microgrid projects. Visit Duke Energy Renewables for more information.
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of the largest energy holding companies in the U.S. It employs 30,000 people and has an electric generating capacity of 51,000 megawatts through its regulated utilities, in addition to Duke Energy Renewables’ capacity.
Duke Energy was named to Fortune’s 2019 “World’s Most Admired Companies” list, and Forbes’ 2019 “America’s Best Employers” list. More information about the company is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos, videos and other materials. Duke Energy’s illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.
Cautionary language concerning forward-looking statements
This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management’s beliefs and assumptions. These forward-looking statements are identified by terms and phrases such as "anticipate," "believe," "intend," "estimate," "expect," "continue," "should," "could," "may," "plan," "project," "predict," "will," "potential," "forecast," "target," "outlook," "guidance," and similar expressions. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. These risks and uncertainties are identified and discussed in Duke Energy’s most recent Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission (“SEC”) and available at the SEC’s website at www.sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than Duke Energy has described. Duke Energy expressly disclaims an obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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