OYA Renewables Secures $216 Million Loan for Solar Projects

Duke Energy Sustainable Solutions (DESS), a subsidiary of Duke Energy, an wind and solar projects operator, acquired a 175 MW Pike Solar Project in Colorado from JUWI, a Germany-headquartered solar project developer.

Under the terms of the acquisition, JUWI would be responsible for the project’s engineering, procurement, and construction, and DESS for the procuring of solar modules for the project. In addition, both companies will have operation and maintenance responsibilities.

The project is currently under construction and scheduled to be commissioned in late 2023.

Colorado Springs Utilities will purchase the electricity generated from the Pike Solar project under a 17-year agreement.

With this addition, DESS now has three solar projects in Colorado totaling 248 MW.

“We’re pleased to continue expanding our solar portfolio in Colorado,” said Chris Fallon, President of Duke Energy Sustainable Solutions. “This project will support the renewable energy goals of Colorado Springs Utilities and allow them to reduce energy costs while providing diverse and cleaner energy solutions for their customers.”

Travas Deal, Acting CEO for Colorado Springs Utilities, said, “This is an exciting development for us as Pike Solar will be the largest solar facility on our system and represents a significant step on our journey to diversify our energy mix,” said “Projects like Pike Solar are integral to our ability to reach our Energy Vision goal of achieving 80% carbon reduction by 2030.”

The project is expected to employ 350 people at the peak of its construction.

In November 2022, Duke Energy Sustainable Solutions acquired the 100 MW Wildflower Solar Project from Clearway Energy Group, a U.S.-based clean energy company.

According to Mercom’s Annual and Q4 Solar Funding and M&A report, there were 268 large-scale solar project acquisitions in 2022 compared to 280 transactions in 2021. In 2022, about 66 GW of solar projects were acquired, with project developers picking up the most, acquiring 35.7 GW. Solar project acquisitions in terms of GW were at the second-highest level ever.