Duke Energy has announced the sale of its unregulated utility-scale Commercial Renewables business to Brookfield Renewable for a staggering $2.8 billion. This strategic move will allow Duke Energy to strengthen its balance sheet and focus on the growth of its regulated businesses, emphasizing investments in grid reliability and incorporating over 30,000 megawatts of regulated renewable energy into its system by 2035.

The agreement includes the transfer of more than 3,400 megawatts of utility-scale solar, wind, and battery storage projects across the United States. These projects, along with the existing operations and new project development, will be overseen by Brookfield Renewable, a global leader in renewable power and climate transition assets. Duke Energy employees supporting the Commercial Renewables business will transition to Brookfield, ensuring business continuity and a seamless transition for customers.

The sale is pending regulatory approval and is expected to conclude by the end of 2023. Duke Energy has enlisted the services of Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC as financial advisors and Skadden, Arps, Slate, Meagher & Flom LLP as legal counsel for this transaction. In addition to this sale, Duke Energy is making significant progress on a separate sale of its distributed energy business, which is also slated to be finalized by the end of the year.

Source: prnewswire.com