Duke Energy, Integrys Energy Services and Smart Energy Capital have formed a partnership to build and finance distributed solar projects throughout the US.
Through the partnership, Duke Energy and Integrys will focus on jointly owning rooftop and smaller ground-mounted photovoltaic (PV) projects that will deliver electricity to investment-grade commercial, government and utility customers under long-term power purchase agreements.
Smart Energy will develop the projects and arrange financing, enabling Duke Energy and Integrys to create a streamlined, end-to-end approach to bringing solar projects to market.
While Duke Energy and Integrys will continue to independently develop commercial solar projects pursuant to their respective strategies, this partnership will serve as a way to cooperatively boost growth in an attractive segment of the solar market, the companies said.
Integrys and Duke Energy will equally supply the necessary equity capital for construction and ownership of the distributed solar projects.