Duke Energy to sell commercial distributed generation business for $364M

Duke Energy announced it has reached an agreement to sell its commercial distributed generation business to an affiliate of ArcLight Capital Partners, a leading middle market infrastructure investor, for an enterprise value of $364 million, inclusive of non-controlling tax equity interests. Duke Energy expects approximately $259 million of proceeds from this transaction, which is subject to certain customary adjustments and will be received upon closing. In early June, Duke Energy reached a sale agreement for its utility-scale renewables business platform. The company expects to finalize the sales for its utility-scale and distributed generation businesses by the end of 2023 and will utilize the proceeds to strengthen its balance sheet and avoid additional holding company debt issuances associated with these assets. “The sale of our commercial renewables businesses streamlines our portfolio and provides the resources to support the long-term needs of our customers in our growing regulated territories,” said Lynn Good, Duke Energy Chair, President and CEO. “Over the next decade, we plan to invest significant amounts of capital to fund the critical energy infrastructure necessary to serve our customers and support our clean energy transition.”