Energy firm Duke Energy (DUK) Friday said that it will jointly develop commercial solar power projects in the U.S. with China-based ENN Group. The companies today signed an agreement, which builds upon a memorandum of understanding announced on September 23 at the Clinton Global Initiative's annual meeting.
Charlotte, North Carolina-based Duke Energy said that the companies had pledged to work together to accelerate the development of low-carbon and clean energy technologies. Under the deal, the companies will concentrate on two types of solar photovoltaic designs, large "utility-scale" solar farms and commercial distributed generation solar projects. Distributed generation systems produce electricity close to where the energy is used, rather than at large, central power plants, Duke Energy noted.
Duke Energy Generation Services, or DEGS, a commercial business unit of Duke Energy, will team with ENN to develop, own and operate the solar projects.
According to Duke Energy, the joint development agreement will expand DEGS' existing investments in renewable energy, including wind and biopower, and commercial transmission. DEGS owns and operates more than 630 megawatts of wind power projects in the U.S. and plans to add another 350 MW by the end of 2010. In the biopower market, DEGS is developing wood-waste-to-electricity power plants in the U.S. through ADAGE, the company it formed in 2008 with French-based AREVA.
Commenting on the deal, Duke Energy Chief Executive Officer Jim Rogers stated, "Duke Energy and ENN seek to not only accelerate the development of solar power in the U.S., but help achieve economies of scale and drive down the cost of renewable energy."
Keith Trent, president and group executive of Duke Energy's Commercial Businesses, and Wouter van Kempen, president of DEGS, joined ENN Chairman Wang Yusuo and Vice Chairman and Chief Scientist Gan Zhongxue in Langfang for the signing of the agreement.
DUK is trading at $16.15, down $0.04, on a volume of 1.84 million shares.
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