Charles River will invest in a portion of the solar power generated by the site.
Charlotte, NC /PRNewswire/ - Duke Energy Sustainable Solutions*, a nonregulated commercial brand of Duke Energy (NYSE: DUK), today announced the start of construction of the 250-megawatt (MW) Pisgah Ridge Solar project in Navarro County, Texas.
Once in operation, it will be the largest utility-scale solar facility in Duke Energy Sustainable Solutions' fleet.
Charles River Laboratories International Inc. (NYSE: CRL), a leading provider of critical research tools and integrated support services that enable innovative and efficient drug discovery and development, has signed a virtual power purchase agreement (VPPA) for 102 MW of the project over 15 years. This commitment will address the entirety of the company's North American electric power load with clean, renewable energy by 2023.
"We're excited to continue to grow our Texas solar portfolio, which will provide additional energy resources for the citizens of Texas to help meet their growing demand and need for a more diverse energy infrastructure," said Chris Fallon, president of Duke Energy Sustainable Solutions. "This project demonstrates how we can address the community's need for clean energy resources, while providing unique sustainability solutions for customers like Charles River."
"This VPPA is the first step toward our commitment to source 100% renewable electricity globally by 2030. The benefits of the Pisgah Ridge Solar project move us substantially closer to achieving that goal," said Gregg Belardo, senior director of EHS & sustainability at Charles River.
Charles River was advised on the VPPA by Schneider Electric, who assisted the company in its project selection and negotiations.
Two other corporations have signed separate 15-year VPPA agreements for the remaining 148 MW of solar energy generated by the Pisgah Ridge Solar project. All three VPPAs associated with the site will settle on an as-generated basis tied to the project's real-time energy output.
The engineering and construction for the project are being performed by Moss, while Duke Energy Sustainable Solutions will own and operate the project. The team expects to achieve commercial operation of Pisgah Ridge Solar by the end of 2022.
The project is expected to employ 200 to 300 workers at peak construction. Along with indirect economic benefits that accompany solar project development, such as increased local spending in the service and construction industries, the Pisgah Ridge Solar facility will also have a positive economic impact on the local community by providing significant tax revenues for the Corsicana Independent School District.
Duke Energy Sustainable Solutions currently operates nearly 1,500 MW of wind, 500 MW of solar and a 36 MW battery storage facility in Texas. The addition of the 250 MW Pisgah Ridge Solar facility, which will be located outside of Dallas, will generate enough energy to power approximately 63,000 additional residences in the state.
As one of the nation's top renewable energy providers, Duke Energy plans to double its enterprise wide renewable portfolio from 8 GW to 16 GW by the end of 2025.
Duke Energy Sustainable Solutions
Duke Energy Sustainable Solutions is a nonregulated commercial brand of Duke Energy (NYSE: DUK) – a Fortune 150 company and one of the largest energy holding companies in the U.S. – headquartered in Charlotte, N.C.
Duke Energy Sustainable Solutions is a leader in sustainable energy, helping large enterprises reduce power costs, lower emissions and increase resiliency. The team provides wind, solar, resilient backup power and managed energy services to over 1,000 projects across the U.S., with a total electric capacity of more than 5,100 megawatts of nonregulated renewable energy. Visit Duke Energy Sustainable Solutions and follow on LinkedIn and YouTube for more information.
Duke Energy is executing an aggressive clean energy strategy to create a smarter energy future for its customers and communities – with goals of at least a 50 percent carbon reduction by 2030 and net-zero carbon emissions by 2050. The company is a top U.S. renewable energy provider, on track to operate or purchase 16,000 megawatts of renewable energy capacity by 2025. More information about the company is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos, videos and other materials. Duke Energy's illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.
Charles River provides essential products and services to help pharmaceutical and biotechnology companies, government agencies and leading academic institutions around the globe accelerate their research and drug development efforts. Our dedicated employees are focused on providing clients with exactly what they need to improve and expedite the discovery, early-stage development and safe manufacture of new therapies for the patients who need them. To learn more about our unique portfolio and breadth of services, visit www.criver.com.
Cautionary language concerning forward-looking statements
This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management's beliefs and assumptions. These forward-looking statements are identified by terms and phrases such as "anticipate," "believe," "intend," "estimate," "expect," "continue," "should," "could," "may," "plan," "project," "predict," "will," "potential," "forecast," "target," "outlook," "guidance," and similar expressions. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. These risks and uncertainties are identified and discussed in Duke Energy's most recent Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission ("SEC") and available at the SEC's website at www.sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than Duke Energy has described. Duke Energy expressly disclaims an obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
* Duke Energy Sustainable Solutions is a non-regulated commercial brand of Duke Energy Corporation, which includes the following subsidiaries of Duke Energy Corporation that are registered to transact business in various states and may be branded as Duke Energy Sustainable Solutions for marketing purposes: Duke Energy One, Inc.; Duke Energy Commercial Enterprises, Inc.; Duke Energy Renewables, Inc.; Duke Energy Renewables Commercial, LLC; Duke Energy Renewable Services, LLC.; Duke Energy Renewables Storage, LLC; Duke Energy Renewables Wind, LLC.; Duke Energy Renewables Solar, LLC.; and REC Solar Commercial Corporation.