Sumitomo Corp. (8053) of America, a unit of Japan’s third-largest trading company, bought a 50 percent stake in two wind-energy projects Duke Energy Corp. (DUK) is building in Kansas.
The deal includes Duke’s 131-megawatt Cimarron II and 168- megawatt Ironwood projects in Gray and Ford counties, the Charlotte, North Carolina-based utility holding company said today in a statement. Terms weren’t disclosed.
Construction of both projects will be completed this year, and Duke is “exploring opportunities to finance the cost of constructing and operating” the projects with Sumitomo, it said.
Kansas City Power & Light Co. will purchase the output of Cimarron II, and Westar Energy Inc. has a contract to buy the electricity generated by Ironwood.
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