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Released August 06, 2025 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Duke Energy Corporation (Charlotte, North Carolina) agreed to sell a 20% stake in its Duke Energy Florida unit to Brookfield Asset Management (Toronto, Ontario) for $6 billion in cash, a portion of which Duke will use to boost its five year-capital spending program 6%, to $87 billion.
"This transaction enables a material strengthening of our credit profile as we enter a period of significant growth, as well as the ability to grow our Florida utility at its full potential," said Harry Sideris, chief executive officer of Duke, on the company's second-quarter earnings conference call. "We are also increasing our Florida capital plan by $4 billion, funded by a portion of the sale proceeds."
Two billion dollars of the proceeds from Brookfield's minority investment will help fund Duke's new capital plan through 2029, which previously sat at $83 billion, and the planned investment for Duke Energy Florida during that time now sits at more than $16 billion.
The transaction will close in phases. Brookfield will invest $2.8 billion at the first closing expected to occur in early 2026, and another $200 million by the end of 2026, followed by an additional $2 billion in 2027 and the remaining $1 billion in 2028. Brookfield has the option to fund the total $6 billion investment sooner.
Duke Energy will retain an 80.3% interest in the Florida utility, while Brookfield will "receive certain rights commensurate with its ownership interest," according to a related press release.
Industrial Info is tracking more than $21 billion worth of active and proposed projects from Duke, about 90% of which is attributed to power-generation projects.
In Florida, Duke is seeking permits for its proposed Bailey Mill Renewable Energy Center in Monticello, on which it hopes to begin construction in mid-2026. The facility is designed to generate 75 megawatts (MW) from crystalline silicon photovoltaic (PV) panels for Florida's Jefferson County. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can learn more from a detailed project report.
Duke announced the Brookfield investment in tandem with its second-quarter earnings results. Among other updates, Duke detailed how it is progressing with building out more than 8 gigawatts (GW) of dispatchable generation across the U.S., including about 7 GW of gas-fired generation, through 2031.
This includes the planned replacement of two coal-fired units at its Roxboro Power Station in Semora, North Carolina, with natural gas-fired, combined cycle (NGCC) units. The project involves constructing a 2-on-1 combined-cycle configuration plant, designed to generate 1,360 MW. Two coal-fired units would remain operational until 2035, when Duke is planning to complete further replacements.
According to the earnings presentation, Duke has finalized an engineering, procurement and construction (EPC) agreement for the project, with "construction activities underway."
Duke already is at work on a years-long ash landfill at the Roxboro plant, to comply with federal coal-combustion residual (CCR) laws by constructing and capping two ash ponds. Subscribers can read detailed project reports on the NGCC units and ash landfill, and learn more from a plant profile.
Subscribers can click here for a full list of detailed project reports for active and proposed projects from Duke.
Duke also recently announced another transaction that could provide liquidity for capital investment: selling its Tennessee natural gas distribution business to Spire (Saint Louis, Missouri) for $2.48 billion in cash.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
"This transaction enables a material strengthening of our credit profile as we enter a period of significant growth, as well as the ability to grow our Florida utility at its full potential," said Harry Sideris, chief executive officer of Duke, on the company's second-quarter earnings conference call. "We are also increasing our Florida capital plan by $4 billion, funded by a portion of the sale proceeds."
Two billion dollars of the proceeds from Brookfield's minority investment will help fund Duke's new capital plan through 2029, which previously sat at $83 billion, and the planned investment for Duke Energy Florida during that time now sits at more than $16 billion.
The transaction will close in phases. Brookfield will invest $2.8 billion at the first closing expected to occur in early 2026, and another $200 million by the end of 2026, followed by an additional $2 billion in 2027 and the remaining $1 billion in 2028. Brookfield has the option to fund the total $6 billion investment sooner.
Duke Energy will retain an 80.3% interest in the Florida utility, while Brookfield will "receive certain rights commensurate with its ownership interest," according to a related press release.
Industrial Info is tracking more than $21 billion worth of active and proposed projects from Duke, about 90% of which is attributed to power-generation projects.
In Florida, Duke is seeking permits for its proposed Bailey Mill Renewable Energy Center in Monticello, on which it hopes to begin construction in mid-2026. The facility is designed to generate 75 megawatts (MW) from crystalline silicon photovoltaic (PV) panels for Florida's Jefferson County. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can learn more from a detailed project report.
Duke announced the Brookfield investment in tandem with its second-quarter earnings results. Among other updates, Duke detailed how it is progressing with building out more than 8 gigawatts (GW) of dispatchable generation across the U.S., including about 7 GW of gas-fired generation, through 2031.
This includes the planned replacement of two coal-fired units at its Roxboro Power Station in Semora, North Carolina, with natural gas-fired, combined cycle (NGCC) units. The project involves constructing a 2-on-1 combined-cycle configuration plant, designed to generate 1,360 MW. Two coal-fired units would remain operational until 2035, when Duke is planning to complete further replacements.
According to the earnings presentation, Duke has finalized an engineering, procurement and construction (EPC) agreement for the project, with "construction activities underway."
Duke already is at work on a years-long ash landfill at the Roxboro plant, to comply with federal coal-combustion residual (CCR) laws by constructing and capping two ash ponds. Subscribers can read detailed project reports on the NGCC units and ash landfill, and learn more from a plant profile.
Subscribers can click here for a full list of detailed project reports for active and proposed projects from Duke.
Duke also recently announced another transaction that could provide liquidity for capital investment: selling its Tennessee natural gas distribution business to Spire (Saint Louis, Missouri) for $2.48 billion in cash.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
