Duke Energy Renewables enters New York, purchasing one of the largest solar projects in the state from Invenergy
1.) 24.9-megawatt solar site on Long Island is under construction.
In its continuing efforts to bring affordable, renewable energy to customers across the United States, Duke Energy Renewables is acquiring the 24.9-megawatt (MW) Shoreham Solar Commons project on Long Island from Invenergy.
The project, currently under construction by Invenergy, is located in Brookhaven, New York, about 60 miles east of Manhattan. It is being built on the grounds of the former Tallgrass Golf Course and is expected to be complete in the second quarter of 2018.
The Long Island Power Authority (LIPA) will purchase the power under a 20-year agreement.
“We are excited to enter New York with a renewables project that offers many benefits to the state and local community,” said Rob Caldwell, president, Duke Energy Renewables and Distributed Energy Technology. “The solar project will help meet the energy needs of LIPA’s customers while delivering tremendous economic and environmental benefits.”
The project is expected to create more than 175 local jobs during construction and generate between $700,000 and $900,000 in annual tax revenue for the local community.
The energy generated from this project is estimated to displace 29,000 tons of greenhouse gas emissions annually and create nearly 1 million megawatt-hours of clean, renewable energy over its lifetime. Also, with the redevelopment, Invenergy is planting an additional 2,000 trees on the site.
“Duke Energy has a reputation of excellence and we are pleased to help them and their stakeholders meet the increasing demand for affordable, renewable energy,” said Invenergy’s EVP and Chief Development Officer Bryan Schueler. “Repurposing the former Tallgrass Golf Course into a solar site eliminates the use of pesticides and fertilizers on the property, protecting Long Island’s fresh water aquifer and providing environmental benefits in addition to the generation of renewable energy.”
Invenergy recently closed construction financing for the project with MUFG, the administrative agent and lead arranger.
Duke Energy Renewables will close on the transaction post-construction, pending federal and local approvals.
Duke Energy Renewables
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.
Duke Energy Renewables’ 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. The power produced from renewable generation is primarily sold through long-term contracts to utilities, electric cooperatives, municipalities and commercial and industrial customers. Learn more at https://www.duke-energy.com/renewable
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Invenergy drives innovation in energy. Invenergy and its affiliated companies develop, own, and operate large-scale renewable and other clean energy generation and storage facilities in the Americas, Europe and Asia. Invenergy’s home office is located in Chicago and it has regional development offices in the United States, Canada, Mexico, Japan, Poland and Scotland.
Invenergy has developed more than 15,900 megawatts of projects that are in operation, construction or contracted, including wind, solar and natural gas power generation projects and energy storage facilities. For more information, please visit www.invenergyllc.com.