The amount of the deal was not disclosed.
Duke Energy first acquired a majority interest in the company in February of 2015. Led by Matthew Walz, president & CEO, REC Solar will continue to be a part of Duke Energy Renewables, Duke Energy’s commercial renewables organization, managed as an independent business unit.
Duke Energy Renewables’ experience in offsite solar and wind energy generation, microgrid, battery storage and other emerging technologies, will supplement REC’s onsite solar expertise.
Duke Energy Renewables primarily acquires, develops, builds and operates wind and solar renewable generation throughout the continental U.S. The portfolio includes nonregulated renewable energy and energy storage assets. Its renewable energy includes utility-scale wind and solar generation assets which total 2,900 MW across 14 states from 20 commercial wind and 63 solar projects.