Duke to Build 400 MW of Wind for Austin Energy

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Duke Energy (NYSE: DUK  ) announced today that it plans to build two Texas wind farms totaling a whopping 400 MW of electricity generation.

Through its Duke Energy Renewables business, the utility will build, own, and operate the two projects. In a move to manage margins and ensure returns, Austin Energy has already agreed to purchase all renewable energy credits from the two farms for the next 25 years. 

"We are pleased to again be bringing jobs, economic development and clean, affordable electricity to Texas, where we have our largest presence," said Duke Energy Renewables President Greg Wolf in a statement today. "We're also glad to be working again with Austin Energy on projects that further their commitment to investing in renewable power."

Austin Energy has already purchased 202 MW worth of wind power from another Duke project, and this latest announcement aligns the two companies even further.

Danish-based wind-turbine company Vestas will supply 200 2-MW turbines for the project, expected to begin construction in Q4 2013. Duke should have 200 MW operational by early 2015, with the remainder online by mid-2016. 

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9/30/2016 2:49 PM
DUK $79.78 Down -0.53 -0.66%
Duke Energy CAPS Rating: ***