Duke Energy, EEN Group To Develop Solar Projects

The Associated Press

Power company Duke Energy Corp. said Friday that it will jointly develop commercial solar power projects in the U.S. with EEN Group, a China-based energy supplier and clean energy developer.

The two companies have agreed to concentrate on two types of solar photovoltaic designs: large "utility-scale" solar farms and commercial distributed generation solar projects. Distributed generation systems produce electricity close to where the energy is used, rather than at large, central power plants.

Duke Energy, of Charlotte, N.C., said the agreement builds on a memorandum of understanding announced at the Clinton Global Initiative's annual meeting in September, when the companies pledged to work together to accelerate the development of low-carbon and clean energy technologies.

The time line and the financial terms of the deal were not disclosed.

Shares of Duke Energy closed at $16.19 on Thursday.