Duke Energy buys 131 MW Kansas wind farm

BANGALORE (Reuters) - Utility owner Duke Energy Corp said it has acquired a fully developed and contracted 131 megawatt wind power project in Kansas from CPV Renewable Energy as part of its plans to raise its clean energy portfolio, but did not disclose the financial terms of the deal.

Duke Energy unit Duke Energy Renewables will build, own and operate the Cimarron II Windpower Project in the Gray county.

Construction of the project will start in the fall, and commercial operation is likely by next June.

Kansas City Power & Light is to buy all of the electricity and associated renewable energy credits produced by Cimarron II under a 20-year agreement.

Silver Spring, Maryland-based CPV Renewable will continue to own the first phase of the wind project, Cimarron I.

Duke Energy Renewables, owner of over 1,000 MW of generating capacity at nine U.S. wind farms, on May 24 said it would build the 168-MW Ironwood Windpower Project in Ford County, Kansas.

Charlotte, North Carolina-based Duke Energy has spent more than $1.5 billion to grow its commercial wind and solar power businesses since 2007.

"In just the last month, Duke Energy has announced plans to add 3 more wind farms to its commercial portfolio of renewable energy assets," Duke Energy Renewables President Greg Wolf said. "These projects will bring Duke Energy's wind-generated capacity to about 1,300 megawatts"

Shares of Duke Energy, which is buying Progress Energy Inc for $13.7 billion, were trading slightly lower at $19.05 on Wednesday on the New York Stock Exchange.

(Reporting by Krishna N Das in Bangalore; Editing by Don Sebastian)