Capital Power Corporation has executed a 20-year power purchase agreements with Duke Energy Carolinas for three solar development projects located in North Carolina totaling 160 megawatts (MW).
The solar projects consist of Hornet Solar (75 MW), Hunter’s Cove Solar (50 MW), and Bear Branch Solar (35 MW). ž
Construction of the solar projects is expected to begin in late 2021 or early 2022 with commercial operations expected in the fourth quarter of 2022.
“We are delighted to provide additional renewable energy to the people of North Carolina. With the Whitla Wind 2&3 and Strathmore Solar projects in advanced development in Alberta, we will be adding an additional 350 megawatts in renewable capacity to our fleet by the end of 2022 representing another step toward our goal of being net carbon neutral on or before 2050. We continue to enhance our expertise in solar development and construction while building our competitiveness for future solar growth opportunities.”Brian Vaasjo, president and CEO of Capital Power.
Palladium Energy and Renewable Energy Services assisted Capital Power on the project while the company continues to optimize project design, build cost, and tax equity financing.
The initial build assumption includes $260 million (US$198 million) to construct the solar projects. Capital Power expects to finance the solar projects using debt and tax equity.