Duke Energy plans to sell 49% of 37 operational solar, battery storage and wind assets, and a third of 11 operational solar assets worth $1.25bn to the John Hancock Infrastructure Fund and John Hancock Life Insurance. North Carolina-based Duke will use the proceeds to fund capital plans and reduce the need for future debt issuance. The deal is expected to close in early 2018. The deal is subject to approvals.
Duke Energy plans to sell 49% of 37 operational solar, battery storage and wind assets, and a third of 11 operational solar assets worth $1.25bn to the John Hancock Infrastructure Fund and John Hancock Life Insurance. North Carolina-based Duke will use the proceeds to fund capital plans and reduce the need for future debt issuance. Duke will receive a pre-tax figure of $415m from the sale, while retaining most of the tax benefits from the projects, in which it will still own a majority stake. The deal is subject to approvals.