In Short : A Dubai-based firm has secured a carbon credit deal with Zimbabwe ahead of COP28, the international climate conference. This agreement underscores the importance of global collaboration in carbon offset initiatives. By facilitating carbon credit transactions, nations and companies contribute to reducing overall emissions and promoting sustainable practices. Such agreements are vital steps towards meeting climate goals and fostering international cooperation in the fight against climate change.
In Detail : CHARLOTTE, N.C. : Duke Energy (NYSE: DUK) today announced it has completed the sale of its commercial distributed generation portfolio to an investment fund managed by ArcLight Capital Partners, LLC (collectively, “ArcLight”), a leading middle market infrastructure investment firm.
The sale agreement, which was previously announced on July 5, 2023, includes REC Solar’s operating assets, development pipeline and O&M portfolio, as well as distributed fuel cell projects managed by Bloom Energy.
ArcLight’s acquisition of the distributed generation business further expands the firm’s focus on developing strong standalone renewable platforms across the infrastructure sector. Employees of the distributed generation business will transition to ArcLight to maintain business continuity for its operations and customers.
BofA Securities, Inc. is serving as the financial advisor and Mayer Brown LLP is serving as the legal counsel to Duke Energy for this transaction. Scotia is serving as the financial advisor and Kirkland & Ellis is serving as the legal counsel to ArcLight.
Duke Energy is also finalizing the sale for its utility-scale renewables business platform, which it expects to close on by the end of 2023. Proceeds from both transactions will be used to strengthen Duke Energy’s balance sheet and avoid additional holding company debt issuances. These transactions will support Duke Energy’s focus on the growth of its regulated businesses, including investments to enhance grid reliability and help incorporate over 30,000 megawatts of regulated renewable energy onto its system by 2035.
Duke Energy
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America’s largest energy holding companies. Its electric utilities serve 8.2 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 50,000 megawatts of energy capacity. Its natural gas unit serves 1.6 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The company employs 27,600 people.
Duke Energy is executing an aggressive clean energy transition to achieve its goals of net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050. The company has interim carbon emission targets of at least 50% reduction from electric generation by 2030, 50% for Scope 2 and certain Scope 3 upstream and downstream emissions by 2035, and 80% from electric generation by 2040. In addition, the company is investing in major electric grid enhancements and energy storage and exploring zero-emission power generation technologies such as hydrogen and advanced nuclear.
Duke Energy was named to Fortune’s 2023 “World’s Most Admired Companies” list and Forbes’ “World’s Best Employers” list. More information is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos and videos. Duke Energy’s illumination features stories about people, innovations, community topics and environmental issues.
ArcLight
ArcLight Capital Partners, LLC is an experienced, middle-market, value add infrastructure investment firm. Founded in 2001, ArcLight helped establish infrastructure as an asset class by pioneering an asset-based private equity approach to investing in infrastructure and has since built an experienced and successful investment platform. Based in Boston, ArcLight’s investment team employs a value-added, operationally intensive investment approach that benefits from its dedicated in-house technical, operational, and commercial specialists and partners, as well as the firm’s approximately 1,900-person asset management operational partner.