NEW YORK (TheStreet) -- Duke Energy (DUK) was gaining 0.4% to $73.39 Monday after announcing a $500 million commitment to expand a solar power project in North Carolina and a new service agreement with Pattern Energy (PEGI) .
The energy company plans to acquire and construct three solar facilities totaling 128 MW of capacity, including the largest solar photovoltaic facility east of the Mississippi River. Duke Energy also signed power-purchase agreements with five new solar projects in North Carolina totaling 150 MW.
In a separate announcement Duke Energy announced a new agreement with Pattern Energy to service the company's 283 MW wind energy project in Armstrong, TX. The new long-term agreement will begin in November and last three years, with an optional two-year expansion.
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TheStreet Ratings team rates DUKE ENERGY CORP as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate DUKE ENERGY CORP (DUK) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its growth in earnings per share, increase in net income, revenue growth, increase in stock price during the past year and notable return on equity. We feel these strengths outweigh the fact that the company shows weak operating cash flow."