Capital Power prepares to construct three NC solar projects for Duke Energy with $198 million “initial build assumption”

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Canadian-based Capital Power Corporation says it has executed 20-year power purchase agreements with Duke Energy Carolinas for three solar development projects 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). 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.

“The initial build assumption includes $198 million to construct the solar projects,” Capital Power said in a statement.

“We are delighted to provide additional renewable energy to the people of North Carolina,” Capital Power president and CEO Brian Vaasjo said in the news release. “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.”

Palladium Energy LLC and Renewable Energy Services LLC assisted Capital Power on the project while the Company continues to optimize project design, build cost, and tax equity financing, the statement said. Capital Power expects to finance the solar projects using debt and tax equity.

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