Duke Energy Renewables, a unit of Duke Energy Corporation (DUK), is progressing well with its Capital Partners Solar Project, an eastern North Carolina-based 52-megawatt (MW) AC solar photovoltaic (PV.V) project. SunEnergy1, the engineering, procurement and construction (:EPC) provider for the project, has commenced the installation of the solar panels supplied by JinkoSolar Holding Co., Ltd. (JKS) at the Phase I of the project.

Pasquotank County-based Phase I signifies the first 20-MW of the project and is expected to be online by 2014. For Phase I, JinkoSolar has supplied 92,000 units of solar panels, including JKM300P-72 and JKM305P-72 modules.

The news of this latest project was initially flashed on Jun 24, 2014. The output from the facility will be purchased by its three customers – George Washington University, American University and the George Washington University Hospital. Customer First Renewables, an innovative renewable energy integrator, has designed and facilitated the agreement. The entire project is expected to conclude in 2015, taking into account the completion of two other sites.

Upon completion, the Capital Partners Solar Project is expected to reduce carbon dioxide emission by around 60,000 metric tons compared with the traditional mode of power generation. It will be the largest solar PV facilities east of the Mississippi River. This project will be the company’s 14th solar facility in North Carolina.

Like its peers Exelon Corp. (EXC) and NRG Energy, Inc. (NRG), Duke Energy is currently constructing innovative solar and wind energy generation projects across the U.S.

In Sep 2014, Duke Energy stated that it will invest $0.5 billion in several solar power projects, amounting to a total capacity of 278 MW in North Carolina. The company plans to invest around $2 billion through 2018 to boost its renewable portfolio.

Duke Energy’s systematic investment in renewable ventures is in sync with the U.S. Environmental Protection Agency’s Clean Power Plan, announced in Jun 2014.

As of Jun 30, 2014, Duke Energy had cash and cash equivalents of around $2 billion backed by a strong cash generation capacity. A strong financial position allows the company to diversify its generation mix, thereby meeting mounting environmental mandates.

Duke Energy currently has a Zacks Rank #3 (Hold).

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