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Go West! Duke Energy Renewables Acquires 10 MW Solar Project In Arizona

May 2, 2012

Despite not directly serving any residential customers west of Kentucky, Duke Energy Renewables (DUK :NYSE) has purchased another solar farm in Arizona. The latest acquisition, the 10 megawatt (MW) Black Mountain Solar Project in Mohave County, comes from large-scale photovoltaic solutions provider SOLON Corporation.

Financial terms of the deal were not disclosed.

The Tuscon-based Solon will provide the panels, their single-axis tracking technology, and the operations, monitoring, and maintenance of the system once they have completed the installation. The solar farm is expected to go online in October of this year.

For Duke Energy Renewables, this will be their third solar plant in Arizona. They currently own the 4 MW Ajo Solar Farm in Pima County and the 15 MW Bagdad Solar Farm in Yavapai County which were purchased in December 2011. The Arizona Public Service Co. is purchasing the power generated from both of the plants under 25-year power purchase agreements.

Shares of Duke Energy were down 0.28 percent in afternoon trading.

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