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Duke Energy Unit Buys 55 MW Solar Projects from SunPower
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Duke Energy Corporation(DUK - Free Report) announced that its unit, Duke Energy Renewables has acquired three solar power projects totaling 55 megawatts (MW) from SunPower Corporation (SPWR - Free Report) .
Details of the Acquisition
In late Dec 2016, Duke Energy Renewables had purchased three projects in Kern County, CA. These include the 20-MW Rio Bravo I, the 20-MW Rio Bravo II and the 15-MW Wildwood II Solar farms. These solar plants are adjacent to two existing solar sites owned by Duke Energy Renewables.
Power generated by these projects is sold under 20-year contracts to Southern California Edison (SCE), a subsidiary of California-based Edison International (EIX - Free Report) .
The sites utilize high-efficiency solar panels manufactured by SunPower.
Benefits of the Acquisition
These solar projectswill increase Duke Energy’s solar presence in California by 50%. These cost-efficient and sustainable power systems will provide affordable, emission-free solar power to its customers.
Recent Acquisitions
Earlier in December, Duke Energy Renewables brought the 20-MW Longboat solar power project into service. Longboat had been acquired from EDF Renewable Energy in March.
Moreover, Duke Energy Renewables has six 116 MW solar power projects in California that began operations before 2016.
Price Movement
Over the last one year, Duke Energy has outperformed the Zacks categorized Utility- Electric Power industry. During this period, the company’s shares have gained 7.3%, compared with the industry’s return of 6.5%.
Duke Energy’s stable regulated operations, acquisition of Piedmont Natural Gas, renewable asset expansion and organized transition toward a streamlined business mix is expected to boost the performance of the company over the long run.
Hawaiian Electric’s 2017 estimates inched up 0.6% to $1.80 from $1.79 over the last 60 days. Its shares gained 16.2% in the last 12 months, outperforming the broader industry.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2017?
Who wouldn't? As of early December, the 2016 Top 10 produced 5 double-digit winners including oil and natural gas giant Pioneer Natural Resources which racked up a stellar +50% gain. The new list is painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. Be among the very first to see it>>
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Duke Energy Unit Buys 55 MW Solar Projects from SunPower
Duke Energy Corporation(DUK - Free Report) announced that its unit, Duke Energy Renewables has acquired three solar power projects totaling 55 megawatts (MW) from SunPower Corporation (SPWR - Free Report) .
Details of the Acquisition
In late Dec 2016, Duke Energy Renewables had purchased three projects in Kern County, CA. These include the 20-MW Rio Bravo I, the 20-MW Rio Bravo II and the 15-MW Wildwood II Solar farms. These solar plants are adjacent to two existing solar sites owned by Duke Energy Renewables.
Power generated by these projects is sold under 20-year contracts to Southern California Edison (SCE), a subsidiary of California-based Edison International (EIX - Free Report) .
The sites utilize high-efficiency solar panels manufactured by SunPower.
Benefits of the Acquisition
These solar projectswill increase Duke Energy’s solar presence in California by 50%. These cost-efficient and sustainable power systems will provide affordable, emission-free solar power to its customers.
Recent Acquisitions
Earlier in December, Duke Energy Renewables brought the 20-MW Longboat solar power project into service. Longboat had been acquired from EDF Renewable Energy in March.
Moreover, Duke Energy Renewables has six 116 MW solar power projects in California that began operations before 2016.
Price Movement
Over the last one year, Duke Energy has outperformed the Zacks categorized Utility- Electric Power industry. During this period, the company’s shares have gained 7.3%, compared with the industry’s return of 6.5%.
Duke Energy’s stable regulated operations, acquisition of Piedmont Natural Gas, renewable asset expansion and organized transition toward a streamlined business mix is expected to boost the performance of the company over the long run.
Zacks Rank & a Key Pick
Duke Energy currently has a Zacks Rank #3 (Hold). A better-ranked stock in the same space is Hawaiian Electric Industries, Inc. (HE - Free Report) , which sports a Zack Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Hawaiian Electric’s 2017 estimates inched up 0.6% to $1.80 from $1.79 over the last 60 days. Its shares gained 16.2% in the last 12 months, outperforming the broader industry.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2017?
Who wouldn't? As of early December, the 2016 Top 10 produced 5 double-digit winners including oil and natural gas giant Pioneer Natural Resources which racked up a stellar +50% gain. The new list is painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. Be among the very first to see it>>