North Carolina-based Duke Energy has acquired the wind power development business assets of Tierra Energy. According to this press release on Duke’s web site, it bought more than 1,000 megawatts of wind assets under development in the Western and Southwestern United States. About 240 megawatts in Texas and Wyoming will be up and running commercially by the end of next year with the rest operational possibly by 2009.
“As our nation’s appetite for electricity continues to grow, renewable energy will play a larger role in meeting that demand,” said Duke Energy Chairman, President and CEO, James E. Rogers. “This acquisition supports our strategy to increase our investment in renewable energy and national efforts to reduce carbon emissions.”
Tierra Energy President David Marks will become Duke Energy’s senior vice president, business development – wind energy. Five other senior Tierra management team members will also join Duke.
This isn’t Duke’s first venture into the clean energy market. The company also has purchase agreements for wind generation in Indiana and just put in solar panels at 10 Indiana schools.