Oct 20 2010
Duke Energy, a division of Duke Energy Corporation’s Commercial Businesses, Integrys Energy Services, an ancillary company of Integrys Energy Group and Smart Energy Capital, a leading solar projects financing company, have declared the opening of a joint venture to put up finance administered solar projects all over the United States.
The joint venture will allow Integrys Energy services (Integrys) and Duke Energy Generation Services (DEGS) to jointly direct their efforts in possessing rooftop and small level ground located PV solar projects that provide electricity to government, business and utility clients under long years of power purchase accords. Both the companies will also continue to develop solar projects individually in tone with the strategies of their companies and the joint venture will be used to increase their growth in the solar segment. Smart Energy Capital will organize the projects and provide capital for the projects to enable DEGS and Integrys to make an efficient end-to-end advancement to add solar projects for promotion.
DEGS and Integrys will equally generate the capital required for the building and owning of the distributed solar projects. Both the companies have plans to make an investment of $180 million towards the project capital in the next two years. The companies unveiled their plan to concentrate on projects of 500 kW or more in accordance with the interests of the clients and take the ownership of the functioning and supervising of the projects.
Smart Energy Capital, will continue to associate with Tremco Roofing and CB Richard Ellis his partner from the beginning. The association will assist the clients to fulfill their clean energy objectives with easy terms of contract. The financial structure included in the terms of partnership contract helps DEGS and Integrys to take advantage of all the tax benefits available with the installation of distributed solar projects.