July 5 (Reuters) - Utility firm Duke Energy (DUK.N) said on Wednesday it would sell its commercial distributed generation business to private equity firm ArcLight Capital Partners in a $364 million deal.
The business includes operating assets of REC Solar, which Duke had acquired in 2015, development pipeline and operations and maintenance portfolio, as well as distributed fuel cell projects managed by Bloom Energy (BE.N).
Duke said it expects about $259 million of proceeds from this sale, which the company would use to help incorporate more than 30,000 megawatts of regulated renewable energy into its system by 2035.
Electric utilities in the United States are streamlining their operations to shift away from fossil fuels toward cleaner energy sources, including solar and wind, to meet climate goals.
"The sale of commercial renewables businesses streamlines our portfolio and provides the resources to support our growing regulated territories," said Duke President and CEO Lynn Good.
Persons:
Duke, Lynn Good, Tanay, Shilpi Majumdar
Organizations:
Duke Energy, ArcLight Capital Partners, REC, Bloom Energy, Electric, Duke, Thomson
Locations:
United States, Bengaluru