Duke Energy has completed the sale of its commercial distributed generation portfolio to an investment fund managed by ArcLight Capital Partners.
The transaction, announced on July 5, involves Duke Energy selling REC Solar’s operating assets, development pipeline and O&M portfolio, as well as distributed fuel cell projects managed by Bloom Energy, to ArcLight for an enterprise value of $364 million.
Following the sale, employees of the distributed generation business will transition to ArcLight to maintain business continuity for its operations and customers.
Duke Energy is also finalizing the sale of its unregulated utility-scale Commercial Renewables business to Brookfield Renewable for an enterprise value of approximately $2.8 billion. Proceeds from both transactions will be used to strengthen the company’s balance sheet and avoid additional holding company debt issuances.