Duke Energy Corp. has purchased the minority share of California-based REC Solar it did not already own to expand its offerings for clean energy offerings for commercial and industrial companies.
Charlotte-based Duke (NYSE: DUK) is not disclosing the financial details of the purchase, just as it did not disclose the purchase price for its initial investment in REC Solar.
Duke Energy Renewables acquired a majority stake in REC Solar in 2015. Matt Walz, a Duke Renewables exec who has been CEO of REC since 2016, says the plan from the outset was that Duke would purchase the entire company. It was just a matter of timing.
“In 2015, we wanted a partner to help us understand the C&I market,” he says in an interview from the REC Solar office at San Luis Obispo, Calif. “Now with changes in the market and the opportunity to maximize the competitiveness of our offerings make the move impactful.“
Duke Renewables had established itself as a major player in large-scale solar and wind energy projects in the 10 years that Duke has been in commercial renewables. But REC Solar was its introduction to the roof-top and smaller-scale local projects sought by major retailers and commercial building owners.
The focus now, say Walz and REC marketing head Ann Kroll, is building out the enterprise business, started last year, which focuses on offering solar, wind, storage and other clean energy options for Fortune 1000 companies from the local to large corporate scale.