Duke Energy buys majority stake in California solar developer

Duke Energy Renewables plans to invest $225 million over the next several years in building and operating solar projects for commercial customers after purchasing a majority stake in California solar company.

Duke Renewables and REC Solar of San Luis Obispo, Calif., declined to provide the financial details of the purchase. But Duke will use the $225 million to purchase about half of the projects REC Solar develops in the next several years.

Mark Manly, head of Duke Energy Corp.’s (NYSE:DUK) commercial,…