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Duke Energy Corp (NYSE:DUK) has agreed to sell its commercial distributed generation business to an affiliate of ArcLight Capital Partners, LLC, for an enterprise value of $364 million, inclusive of non-controlling tax equity interests.
Duke Energy expects ~$259 million of proceeds from this transaction.
In early June, Duke Energy reached a sale agreement for its utility-scale renewables business platform, which is expected to close by the end of 2023.
"The sale of our commercial renewables businesses streamlines our portfolio and provides the resources to support the long-term needs of our customers in our growing regulated territories. Over the next decade, we plan to invest significant amounts of capital to fund the critical energy infrastructure necessary to serve our customers and support our clean energy transition," commented Lynn Good, Duke Energy Chair, President, and CEO.
The distributed generation business sold includes REC Solar operating assets, development pipeline, and O&M portfolio, and distributed fuel cell projects.
The company noted the transaction supports its long-term regulated clean energy strategy.
Price Action: DUK shares are trading lower by 0.30% at $90.45 premarket on Wednesday.
