Financial News
Duke Energy Sustainable Solutions' 182-MW Maryneal Windpower in Texas Starts Commercial Operation
SOURCE: Duke Energy
SUMMARY:
- T-Mobile has 12-year purchase agreement for the wind energy produced by the project
DESCRIPTION:
CHARLOTTE, N.C., August 9, 2021 /3BL Media/ - Duke Energy Sustainable Solutions,* a nonregulated commercial brand of Duke Energy (NYSE: DUK), today announced the commercial operation of the 182-megawatt (MW) Maryneal Windpower project in Nolan County, Texas.
The Maryneal project increases Duke Energy Sustainable Solutions’ U.S. wind capacity to over 3,000 MW. The site will provide enough renewable energy to power the equivalent of more than 54,000 U.S. homes.
In 2019, Sprint, now part of T-Mobile, signed a 12-year virtual power purchase agreement (VPPA) for 173.3 MW of the wind generated by the project. The VPPA agreement, which will settle on an as-generated basis tied to Maryneal Windpower’s real-time energy output, will enable T-Mobile to significantly reduce its carbon footprint and will match approximately 9% of T-Mobile’s energy consumption.
“Projects like Maryneal Windpower play a huge role in T-Mobile’s commitments to fight climate change and bring us another step closer to achieving our goal of using 100% renewable energy by the end of 2021 – even after our merger with Sprint in 2020 almost doubled our company footprint,” said Brigitta Witt, T-Mobile vice president of Social Impact and Sustainability. “Working with companies like Duke Energy, we’re able to make a positive impact not only on the environment but also in the local community – it’s a win-win for everyone involved.”
Along with indirect economic benefits that accompany wind project development, such as increased local spending in the service and construction industries, Maryneal Windpower created approximately 200 jobs during peak construction. Additionally, the site will have a positive economic impact on the local community by providing significant local tax revenues during assessment years of commercial operation to the county and local school districts, as well as meaningful payments to participating landowners.
“Wind projects such as Maryneal contribute to a cleaner, stronger economy and help create a more diverse energy infrastructure in Texas,” said Chris Fallon, president of Duke Energy Sustainable Solutions. “We’re excited to work with T-Mobile to create jobs, strengthen the local economy and generate clean energy, while also helping them address their renewable energy goal.”
The long-term VPPA complements T-Mobile’s long-standing sustainability strategy, which includes reducing greenhouse gas (GHG) emissions, conserving natural resources such as water and paper, eliminating waste from all corners of the business and responsibly recycling waste when possible. Schneider Electric Energy and Sustainability Services advised T-Mobile on the Maryneal VPPA, supporting project selection and negotiations.
Wanzek Construction was the contractor for the project, and Nordex USA supplied 38 4.8-MW wind turbines for the site. Duke Energy Sustainable Solutions will perform the site’s long-term maintenance and operations.
As one of the nation’s top renewable energy providers, Duke Energy plans to reach 16 GW of renewable energy by the end of 2025 and 47 GW by 2050.
About Duke Energy Sustainable Solutions
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.
About T-Mobile
T-Mobile U.S. Inc. (NASDAQ: TMUS) is America’s supercharged Un-carrier, delivering an advanced 4G LTE and transformative nationwide 5G network that will offer reliable connectivity for all. T-Mobile’s customers benefit from its unmatched combination of value and quality, unwavering obsession with offering them the best possible service experience and undisputable drive for disruption that creates competition and innovation in wireless and beyond. Based in Bellevue, Wash., T-Mobile provides services through its subsidiaries and operates its flagship brands, T-Mobile, Metro by T-Mobile and Sprint. For more information please visit: https://www.t-mobile.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 nonregulated 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 Commercial Enterprises, Inc.; Duke Energy One, Inc.; Duke Energy Renewables, Inc.; Duke Energy Renewables Commercial, LLC; Duke Energy Renewable Services, LLC; Duke Energy Renewables Solar, LLC; Duke Energy Renewables Storage, LLC; Duke Energy Renewables Wind, LLC; and REC Solar Commercial Corporation.
Contact: Jennifer Garber
24-Hour: 800.559.3853
KEYWORDS: NYSE:DUK, Duke Energy
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