Duke Energy is expanding its solar power holdings. The nation's largest electric company is purchasing an outfit that installs solar arrays for companies, governments and utilities.
Duke Energy said Monday it's buying a majority interest in REC Solar, based in California. The Charlotte-based company also will spend up to $225 million to install REC Solar projects, with Duke Energy selling fixed-price power they generate to the property owner under long-term contracts.
REC Solar says it built a Robeson County solar farm in 2012 that sold power to Raleigh-based Progress Energy, which has merged with Duke Energy.
Duke Energy said last year it is spending $500 million to build three solar-power facilities and buy power from five more to meet requirements that 6 percent of its 2015 retail sales come from renewable energy sources.
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