Duke Energy buys wind developer for $240M

Charlotte, N.C.-based Duke Energy (NYSE: DUK) announced today that it acquired Rutland, Vt., wind developer Catamount Energy for approximately $240 million plus assumed debt.

Duke said Catamount Energy has approximately 300 megawatts of renewable energy in operation, with 1,750 MW of development interests in several states and the U.K.

"This acquisition reinforces Duke Energy's commitment to clean, renewable energy as a major component of electricity generation throughout the U.S.," said Wouter van Kempen, president of Duke Energy Generation Services.

Duke purchased the wind developer from Diamond Castle Holdings, a New York private equity firm.

"Bringing in the experience and proven track record of Catamount provides Duke Energy with an opportunity to broaden its investment in renewable energy, and continue its efforts to reduce carbon emissions," said David Marks, sr. VP of wind energy at Duke Energy Generation Services.

Duke said today's deal is a continuation of its strategy to develop renewable energy. In May 2007, the company purchased Austin, Texas-based Tierra Energy (see Duke buys Tierra Energy's wind business).

And earlier this month, Duke's Ohio unit issued a request for proposals for a minimum of 61,000 megawatt hours by 2009 to help it comply with requirements under Ohio's new renewable energy portfolio standards (see Duke Energy issues renewable RFP for Ohio).