Duke Energy CORP (DUK): restructuring charge — Duke Energy sells utility-scale renewables to Brookfield for $2.8B; expects $1.1B net, $800M impairment

Duke Energy CORP

Sale of utility-scale solar and wind portfolio (3.4 GW net) to Brookfield Renewable for ~$2.8B enterprise value, including debt and tax equity.
Expected net proceeds ~$1.1B subject to closing adjustments; proceeds will be used to avoid holding company debt issuances.
Pre-tax impairment charge of ~$800M in Q2 2023, classified in discontinued operations.
Reaffirms 2023 adjusted EPS guidance $5.55-$5.75 and long-term 5-7% EPS growth through 2027; no planned equity through 2027.
Sale expected to close by end of 2023, subject to FERC and HSR approvals; separate distributed energy business sale also expected by year-end.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Duke Energy CORP announced a impairment with charges of approximately $800 million affecting Company’s Commercial Renewables business segment, utility-scale solar and wind group.

Type: impairment
Charge: approximately $800 million
Affected area: Company’s Commercial Renewables business segment, utility-scale solar and wind group

Exact text from the filing

Duke Energy expects to recognize an estimated pre-tax impairment charge on the Assets Held for Sale of approximately $800 million in the second quarter of 2023

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Source: SEC EDGAR

accession 0001104659-23-070360

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