Duke Energy to Sell Commercial Renewables Business for $364 Million
05 July 2023 - 10:21PM
Dow Jones News
By Ben Glickman
Duke Energy said Wednesday it would sell its commercial
renewables business to ArcLight Capital Partners for $364
million.
The Charlotte, N.C.-based utilities company said it agreed to
sell its commercial distributed generation business, which
generates energy from decentralized sources such as solar, to the
infrastructure investing firm. Duke expects the deal to close by
the end of this year.
The company said the expected net proceeds of $259 million would
strengthen its balance sheet and offload debts associated with the
assets. Duke said it is selling solar assets and fuel cell projects
in the transaction.
Last month, the company said it plans to sell a collection of
renewable energy projects to Brookfield Renewable for $2.8 billion.
The company has said the sale will help finance future investments
to support the transition to electric vehicles and withstand
extreme weather events.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
July 05, 2023 08:06 ET (12:06 GMT)
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