Summary
Duke Energy Corporation (DUK) announced on May 29, 2007, a significant strategic move into renewable energy with the acquisition of the wind power development business of Tierra Energy. This acquisition positions Duke Energy to expand its portfolio with over 1,000 megawatts of wind assets under development across the Western and Southwestern United States. The company is making a substantial investment of approximately $400 million in capital expenditures through 2008 to bring three specific wind development projects, totaling around 240 megawatts and located in Texas and Wyoming, to commercial operation by the end of 2008. This move signals Duke Energy's commitment to diversifying its energy sources and capitalizing on the growing wind power market.
Key Highlights
- 1Duke Energy acquired the wind power development business of Tierra Energy on May 29, 2007.
- 2The acquisition includes over 1,000 megawatts of wind assets under development.
- 3These assets are primarily located in the Western and Southwestern United States.
- 4Three specific development projects totaling approximately 240 megawatts are in Texas and Wyoming.
- 5These three projects are expected to be operational by the end of 2008.
- 6Duke Energy anticipates spending approximately $400 million in capital expenditures through 2008 to complete these projects.