Capital Power Corporation announced the execution of 20-year power purchase agreements with Duke Energy Carolinas for three solar development projects located in North Carolina totaling 160 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.
“We are delighted to provide additional renewable energy to the people of North Carolina,” said Brian Vaasjo, president and CEO of Capital Power. “We continue to enhance our expertise in solar development and construction while building our competitiveness for future solar growth opportunities.”
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 $198 million to construct the solar projects. Capital Power expects to finance the solar projects using debt and tax equity.
News item from Capital Power