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Duke Energy Renewables Closes Acquisition of Long Island, New York´s Shoreham Solar Project from Invenergy
Thursday 12 July 2018

12 July 2018 - US-based wind and solar powered electrical generation supplier Duke Energy Renewables LLC has closed the acquisition of the New York, US-based 24.9mw Shoreham Solar Commons project from Chicago, US-based renewable energy supplier Invenergy, the company said.
Terms of the transaction were not disclosed.

The project, currently under construction by Invenergy, is located approximately 60 miles east of Manhattan, New York, US.

It is being built on the grounds of the former Tallgrass Golf Course and is expected to be complete in 2Q18.

Invenergy said repurposing the former Tallgrass Golf Course into a solar site eliminates the use of pesticides and fertilizers on the property, protecting Long Island, New York's fresh water aquifer and providing environmental benefits in addition to the generation of renewable energy.

The Long Island Power Authority will purchase the power under a 20-year agreement.

Duke Energy said the solar project will help meet the energy needs of LIPA's customers while delivering economic and environmental benefits.

The acquisition of the project gives Duke entry into the New York market. The project is expected to create more than 175 local jobs during construction and generate between USD 700,000 and USD 900,000 in annual tax revenue for the local community.

The energy generated from this project is estimated to displace 29,000 tons of greenhouse gas emissions annually and create nearly 1m megawatt-hours of clean, renewable energy over its lifetime.

Also, with the redevelopment, Invenergy is planting an additional 2,000 trees on the site.

Invenergy recently closed construction financing for the project with MUFG, the administrative agent and lead arranger.

Duke Energy Renewables will close on the transaction post-construction, pending federal and local approvals.

The company primarily acquires, develops, builds and operates wind and solar renewable generation throughout the continental US. The portfolio includes nonregulated renewable energy and energy storage assets.

Invenergy and its affiliated companies develop, own and operate large-scale renewable and other clean energy generation and storage facilities in the Americas, Europe and Asia. The company has regional development offices in the US, Canada, Mexico, Japan, Poland and Scotland.
Date Published: 12/07/2018
Target: Shoreham Solar Commons project,  
Country: USA
Sector: Alternative Energy
Type: Corporate acquisition
Status: Closed
Vendor: Invenergy
Buyer: Duke Energy Renewables
Terms of the deal were not disclosed