Duke acquires Catamount Energy for large scale wind operation
Duke Energy announced the acquisition of Catamount Energy
Corporation from funds affiliated with Diamond Castle
Holdings, LLC, a transaction that will significantly
increase Duke Energy’s wind energy operations.
“This acquisition reinforces Duke Energy’s commitment
to clean, renewable energy as a major component of electricity
generation throughout the United States,” said Wouter
van Kempen, president of Duke Energy Generation Services
(DEGS), a business unit of Duke Energy that owns and
develops renewable energy assets.
Catamount Energy was formed in 1992. Since 2001, the
company has focused on developing wind projects in the
United States and United Kingdom. Catamount has approximately
300 megawatts of renewable energy in operation, including
its interests in the Sweetwater project in Texas, which
is one of the largest wind projects in the world.
The acquisition, valued at approximately $240 million
plus assumed debt, is a continuation of Duke Energy’s
strategy to develop renewable energy. In May 2007, Duke
purchased Tierra Energy, a leading wind developer in
Austin, Texas. The combined entity will have more than
5,000 megawatts of wind energy under development in 12
states and approximately 500 megawatts of operating assets
by the end of 2008.
This announcement follows several other recent renewable
initiatives announced by Duke Energy, including a $100
million plan to install electricity generating solar
panels at up to 850 North Carolina sites; a plan to purchase
electricity output from the nation’s largest photovoltaic
solar farm to be built in Davidson County, North Carolina;
a 20-year contract to purchase 100 megawatts from a wind
farm in Indiana; and a request for proposals to purchase
significant amounts of electricity from renewable energy
providers in Ohio.