Duke Energy Corporation (DUK) announced that its unit Duke Energy Renewables will build and operate a 131-megawatt (MW) Cimarron II Windpower Project in Gray County, Kansas. This new project is another addition to Duke Energy’s renewable power generation portfolio. The company has invested around $1.5 billion in its renewable generation assets since 2007.
Duke Energy has purchased this wind power project from CPV Renewable Energy Company, based out of Silver Spring, Maryland. The first phase of the wind project, Cimarron I, will however continue to be owned by CPV Renewable Energy Company.
Duke Energy Renewables will begin constructing the Cimarron II Windpower Project from fall 2011 and would open the unit for commercial use from June 2012. The company has already entered into a long-term agreement with the Kansas City Power & Light, who have agreed to purchase all electricity produced from this unit for the next 20 years.
Duke Energy has been working to expand its renewable portfolio through organic means as well as acquisitions. In May 2011, Duke Energy announced its plans to build a 168 MW Ironwood Windpower Project in Ford County, Kansas and also entered into an agreement to purchase 20-MW Shirley Windpower Project in Glenmore, Wisconsin.
In April, the company acquired a 1 MW solar farm from ESA Renewables LLC, situated at the property of Martins Creek Elementary School in Murphy, North Carolina.
Duke Energy has an existing capacity of generating 1,000 MW from renewable sources and with the additions of these new assets the total capacity will reach 1,300 MW.
Duke Energy Corporation currently retains a Zacks #3 Rank (short-term Hold rating). The company competes with American Electric Power Co. Inc. (AEP) and Constellation Energy Group Inc. (CEG).
Based in Charlotte, North Carolina, Duke Energy is an energy company. The company operates through three segments: U.S. Franchised Electric and Gas, Commercial Power, and International Energy. Duke Energy Renewables, a unit of Duke Energy, develops innovative wind and solar energy solutions for consumers throughout the United States.
