Duke Energy ( DUK) is continuing its attempts to make cash out of thin air.

The power-generating behemoth said in a press release today that it's planning to build a wind farm in Colorado, while also completing the purchase of a wind project in Pennsylvania.

Although based in Charlotte, North Carolina, Duke Energy said it will develop the Kit Carson Windpower Project near Burlington, Colorado. According to the release, the 51-megawatt project will use 34 wind turbines and be located on around 6,000 acres of leased land. Power will be sold to the 44 electric cooperatives of the Tri-State Generation and Transmission Association under a 20-year purchase agreement. The project will likely come on line for commercial use in 2010.

"The project will further diversify our resource mix, bring value to our member cooperatives, and support jobs and investment in the rural areas our members serve," Tri-State general manager Ken Anderson said.

Duke Energy also announced that it closed on a deal to buy the North Allegheny Windpower Project from Gamesa Energy USA. Located nearly 100 miles east of Pittsburgh, the 70-MW development has 35 turbines capable of producing electricity to power 18,000 homes. FirstEnergy ( FE) will buy the energy from the project according to a 23.5-year purchase agreement. The company said that the site will start generating power later this year.

Financial terms of the deals were not disclosed. In the afternoon, shares of Duke Energy were trading hands in positive territory, up 1.1%, or 16 cents, at $14.56.
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