Duke Energy (NYSE: DUK) spotted trading -1.88% off 52-week high price. On the other end, the stock has been noted 20.38% away from the low price over the last 52-weeks. The stock changed -1.12% to recent value of $93.9. The stock transacted 3296404 shares during most recent day however it has an average volume of 2724.87K shares. The company has 725.88M of outstanding shares and 725.88M shares were floated in the market.
Duke Energy Renewables, a subsidiary of Duke Energy (NYSE: DUK), is expanding its solar energy portfolio by acquiring the 200-megawatt (MWac) / 266-megawatt peak (MWp) Rambler solar project from Recurrent Energy, a wholly-owned subsidiary of Canadian Solar Inc. (“Canadian Solar”) (NASDAQ: CSIQ). The project will be located in Tom Green County, Texas and is expected to achieve commercial operation in mid-2020.
The energy generated from the Rambler solar project will be sold to a customer under a 15-year agreement. The 200-MWac project will utilize more than 733,000 of Canadian Solar’s high efficiency bi-facial BiKu modules across approximately 1,700 acres west of San Angelo, Texas. Rambler will power the equivalent of 40,000 homes, and Duke Energy Renewables will provide long-term operations and maintenance services to the project.
“We’re pleased to continue our expansion of solar energy resources in Texas, which is seeing increasing demand for power,” said Rob Caldwell, president of Duke Energy Renewables. “In addition to generating clean energy, this project will also bring significant economic benefits to the state.”
The project is expected to employ 400 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 – Rambler will also directly provide several million dollars to Tom Green County and to the local school district over the 40-year life of the project.
“With over one gigawatt of contracted projects in ERCOT’s service territory, we are proud that Recurrent Energy continues to lead solar energy development in Texas, one of the fastest growing U.S. states for the solar industry,” said Shawn Qu, chairman and CEO of Canadian Solar. “It has been our pleasure to rekindle our long relationship with Duke Energy Renewables’ talented team through this strategic transaction.”
The Rambler solar project, which is the fifth acquisition by Duke Energy Renewables this year, will be the company’s fourth solar generation facility in Texas. The Rambler project also represents one of seven large-scale projects in Recurrent Energy’s development portfolio within the state.
Canadian Solar expects to recognize the majority of the revenue from the sale of the project in the third quarter of 2019.
Since 2010, Duke Energy and Recurrent Energy have now partnered on six solar projects, including four equity transactions. Duke Energy has also purchased equity stakes in solar projects developed by Recurrent Energy that include Ajo and Bagdad located in Arizona and the Sunset Reservoir project located in San Francisco. Duke Energy subsidiaries have also purchased electricity from the North Carolina IS-42 and NC 102 projects, for which Recurrent Energy played a development or construction oversight role.
Its earnings per share (EPS) expected to touch remained -10.70% for this year while earning per share for the next 5-years is expected to reach at 4.06%. DUK has a gross margin of 69.60% and an operating margin of 20.70% while its profit margin remained 13.20% for the last 12 months.
According to the most recent quarter its current ratio was 0.7 that represents company’s ability to meet its current financial obligations. The price moved ahead of 1.66% from the mean of 20 days, 4.19% from mean of 50 days SMA and performed 5.82% from mean of 200 days price. Company’s performance for the week was 0.15%, 5.73% for month and YTD performance remained 8.81%.
Ricardo Gardner joined the newsdegree.com, after more than 10 years of experience in writing financial and business news, most recently as Investment Editor and writer. He also has a vast knowledge of stock trading. He earned bachelor degree from Union College with a focus in Business Administration. Ricardo is the Senior Editor for newsdegree.com and market movers section. He also holds an MBA from Penn State University He has two daughter and two children.
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