Charlotte, NC, May 30, 2007 — Duke Energy announced that it has acquired the wind power development business of Tierra Energy, a wind power development company located in Austin, Texas, from Energy Investors Funds for an undisclosed amount. The purchase includes more than 1,000 megawatts of wind assets under development in the Western and Southwestern United States.
Three of the development projects — a total of approximately 240 megawatts — are located in Texas and Wyoming, and are anticipated to be in commercial operation by the end of next year, with additional facilities potentially in operation as early as 2009. The power produced will be sold through long-term contracts.
“As our nation’s appetite for electricity continues to grow, renewable energy will play a larger role in meeting that demand,” said Duke Energy chairman, president and CEO, James E. Rogers. “This acquisition supports our strategy to increase our investment in renewable energy and national efforts to reduce carbon emissions.”
The assets become part of Duke Energy Generation Services (DEGS), a Duke Energy subsidiary that focuses on investments in onsite energy, commercial and renewable energy assets across North America.
Six members of Tierra Energy’s senior management team are joining DEGS, including David Marks, formerly Tierra Energy president. Marks will become DEGS’ senior vice president of wind energy business development.
Duke Energy currently has purchase agreements for wind generation in Indiana and recently installed solar panels at 10 Indiana schools. The company also recently issued a request for proposal for renewable energy to help meet growing demand in the Carolinas.
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