# EDGAR Filing Document

**Accession Number:** 0001669374
**File Stem:** 0001669374-25-000012
**Filing Date:** 2025-9
**Character Count:** 18433
**Document Hash:** c8e5c93d55748e7fd4d39b0a0dfc206a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001669374-25-000012.hdr.sgml**: 20250903

**ACCESSION NUMBER**: 0001669374-25-000012

**CONFORMED SUBMISSION TYPE**: 10-D

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250903

**FILED AS OF DATE**: 20250903

**DATE AS OF CHANGE**: 20250903

**ABS ASSET CLASS**: Debt Securities

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Duke Energy Florida Project Finance, LLC
- **CENTRAL INDEX KEY:** 0001669374
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 810977581
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-209196-01
- **FILM NUMBER:** 251287989

**BUSINESS ADDRESS:**
- **STREET 1:** 525 SOUTH TRYON STREET
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28202
- **BUSINESS PHONE:** 800-488-3853

**MAIL ADDRESS:**
- **STREET 1:** 525 SOUTH TRYON STREET
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28202
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DUKE ENERGY FLORIDA, LLC
- **CENTRAL INDEX KEY:** 0000037637
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 590247770
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-03274
- **FILM NUMBER:** 251287990

**BUSINESS ADDRESS:**
- **STREET 1:** 299 FIRST AVENUE NORTH
- **CITY:** ST. PETERSBURG
- **STATE:** FL
- **ZIP:** 33701
- **BUSINESS PHONE:** 800-488-3853

**MAIL ADDRESS:**
- **STREET 1:** 299 FIRST AVENUE NORTH
- **CITY:** ST. PETERSBURG
- **STATE:** FL
- **ZIP:** 33701

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DUKE ENERGY FLORIDA, LLC.
- **DATE OF NAME CHANGE:** 20150803

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DUKE ENERGY FLORIDA, INC.
- **DATE OF NAME CHANGE:** 20130514

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FLORIDA POWER CORP
- **DATE OF NAME CHANGE:** 20060629

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-D**

**ASSET-BACKED ISSUER**

**DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF**

**THE SECURITIES EXCHANGE ACT OF 1934**

**For the semi-annual distribution period from**

**March 1, 2025 to August 31, 2025** 

---

| |
|:---|
| **Commission File Number of issuing entity: 333-209196-01** |
| **Central Index Key Number of issuing entity: 0001669374** |
| **DUKE ENERGY FLORIDA PROJECT FINANCE, LLC** |
| (Exact name of issuing entity as specified in its charter) |
| **Delaware** |
| (State or other jurisdiction of incorporation or organization of the issuing entity) |
| **81-0977581** |
| (I.R.S. Employer Identification No.) |
| **525 South Tryon Street, Charlotte, North Carolina 28202** |
| (Address of principal executive offices of the issuing entity) (Zip Code) |
| **800-488-3853** |
| (Telephone number, including area code) |
| **Commission File Number of depositor and sponsor: 1-03274** |
| **Central Index Key Number of depositor and sponsor: 0000037637** |
| **DUKE ENERGY FLORIDA, LLC** |
| (Exact name of depositor and sponsor as specified in its charter) |
| **Florida** |
| (State or other jurisdiction of incorporation or organization of the depositor and sponsor) |
| **59-0247770** |
| (I.R.S. Employer Identification No.) |
| **299 First Avenue North, St. Petersburg, Florida 33701** |
| (Address of principal executive offices of the depositor and sponsor) (Zip Code) |
| **800-488-3853** |
| (Telephone number, including area code) |
| **Elizabeth H. Jones, 704-382-3473** |
| (Name and telephone number, including area code, of the person to contact in connection with this filing) |

---

**Registered/reporting pursuant to (check one)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | | Name of exchange |
| Title of class | Section 12(b) | Section 12(g) | Section 15(d) | (If Section 12(b)) |
| Series A 2026 Senior Secured Bonds | □ | □ | 🗹 |  |
| Series A 2032 Senior Secured Bonds | □ | □ | 🗹 |  |
| Series A 2035 Senior Secured Bonds | □ | □ | 🗹 |  |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes 🗹 No □

------

**PART I – DISTRIBUTION INFORMATION**

**Item 1. Distribution and Pool Performance Information.**

The response to Item 1 is set forth in part herein and in part in Exhibit 99.1.

The record date for distributions described in Exhibit 99.1 is September 1, 2025.

Introductory and explanatory information regarding the material terms, parties, and distributions described in Exhibit 99.1 is included in the Prospectus dated June 15, 2016, of Duke Energy Florida Project Finance, LLC (Issuing Entity) relating to the Series A Senior Secured Bonds (Bonds) filed with the Securities and Exchange Commission pursuant to Rule 424(b)(1) of the Securities Act of 1933 on June 17, 2016.

As indicated in Exhibit 99.1, all required interest and scheduled principal payments on the Bonds have been made with respect to the September 1, 2025, distribution date.

**The following Items have been omitted pursuant to General Instruction C of Form 10-D:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Item 1A. Asset-Level Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Item 1B. Asset Representations Reviewer and Investor Communication.

**PART II – OTHER INFORMATION**

**Item 2. Legal Proceedings.**

None.

**Item 3. Sale of Securities and Use of Proceeds.**

None.

**The following Items have been omitted pursuant to General Instruction C of Form 10-D:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Item 4. Defaults Upon Senior Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Item 5. Submission of Matters to a Vote of Security Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Item 6. Significant Obligors of Pool Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Item 7. Change in Sponsor Interest in the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Item 8. Significant Enhancement Provider Information.

**Item 9. Other Information.**

None.

------

**Item 10. Exhibits**

Exhibits filed here within are designated by an asterisk (\*). All exhibits not so designated are incorporated by reference to a prior filing, as indicated.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 3.1 | <u>[Certificate of Formation of Duke Energy Florida Project Finance, LLC (filed with the Registration Statement on Form SF-1 of Duke Energy Florida, LLC (File No. 333-209196) on January 29, 2016)](https://www.sec.gov/Archives/edgar/data/37637/000104746916009930/a2227176zex-3_1.htm)</u> |
| 3.2 | <u>[Amended and Restated Limited Liability Company Agreement of Duke Energy Project Finance, LLC dated and effective as of June 10, 2016 (Form 8-K filed June 17, 2016)](https://www.sec.gov/Archives/edgar/data/37637/000110465916128039/a16-2779_13ex3d2.htm)</u> |
| 4.1 | <u>[Indenture, dated as of June 22, 2016, by and between Duke Energy Florida Project Finance, LLC and The Bank of New York Mellon Trust Company, N.A., as Indenture Trustee and Securities Intermediary (Form 8-K filed June 17, 2016)](https://www.sec.gov/Archives/edgar/data/37637/000110465916128039/a16-2779_13ex4d1.htm)</u> |
| 10.1 | <u>[Nuclear Asset-Recovery Property Servicing Agreement, dated as of June 22, 2016, by and between Duke Energy Florida Project Finance, LLC and Duke Energy Florida, LLC (Form 8-K filed June 22, 2016)](https://www.sec.gov/Archives/edgar/data/37637/000110465916128781/a16-2779_16ex99d1.htm)</u>  |
| 10.2 | <u>[Nuclear Asset-Recovery Property Purchase and Sale Agreement, dated as of June 22, 2016, by and between Duke Energy Florida Project Finance, LLC and Duke Energy Florida, LLC (Form 8-K filed June 22, 2016)](https://www.sec.gov/Archives/edgar/data/37637/000110465916128781/a16-2779_16ex99d2.htm)</u>  |
| 10.3 | <u>[Administration Agreement, dated as of June 22, 2016, by and between Duke Energy Florida Project Finance, LLC and Duke Energy Florida, LLC (Form 8-K filed June 22, 2016)](https://www.sec.gov/Archives/edgar/data/37637/000110465916128781/a16-2779_16ex99d3.htm)</u> |
| \*99.1 | <u>[Semi-annual Servicer's Certificate relating to the Bonds, dated](defpf-20250901xexhibit991.htm)[August](defpf-20250901xexhibit991.htm)[2](defpf-20250901xexhibit991.htm)[5](defpf-20250901xexhibit991.htm)[, 2025.](defpf-20250901xexhibit991.htm)</u> |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: | September 3, 2025 | **DUKE ENERGY FLORIDA PROJECT FINANCE, LLC** |
|  |  | **(Issuing Entity)** |
|  |  | By: Duke Energy Florida, LLC, as Servicer |
|  | By: | /s/ Cynthia S. Lee |
|  |  | Cynthia S. Lee |
|  |  | Senior Vice President, Chief Accounting Officer and Controller |

---

## Exhibit 99.1

Exhibit 99.1

SEMI-ANNUAL SERVICER'S CERTIFICATE

Pursuant to Section 4.01(c)(ii) of the Nuclear Asset-Recovery Property Servicing Agreement, dated as of June 22, 2016 (Servicing Agreement), by and between **DUKE ENERGY FLORIDA, LLC**, as servicer (Servicer), and **Duke Energy Florida Project Finance, LLC**, the Servicer does hereby certify, for the September 1, 2025, Payment Date (Current Payment Date), as follows:

Capitalized terms used but not defined herein have their respective meanings as set forth in the Servicing Agreement. References herein to certain sections and subsections are references to the respective sections of the Servicing Agreement or the Indenture, as the context indicates.

**Collection Periods:** March 1, 2025 to August 31, 2025

**Payment Date:** September 1, 2025

1. Collections Allocable and Aggregate Amounts Available for the Current Payment Date:

---

| | | | | |
|:---|:---|:---|:---|:---|
| i. | Remittances for the | March 2025 | Collection Period | $7231202.61 |
| ii. | Remittances for the | April 2025 | Collection Period | 4837037.28 |
| iii. | Remittances for the | May 2025 | Collection Period | 6202472.43 |
| iv.. | Remittances for the | June 2025 | Collection Period | 6463715.73 |
| v. | Remittances for the | July 2025 | Collection Period | 8380175.00 |
| vi. | Remittances for the | August 2025 | Collection Period | 7541762.80 |
| vii. |  |  |  |  |
| viii. |  |  |  |  |
| ix. | Investment Earnings on General Subaccount | Investment Earnings on General Subaccount | Investment Earnings on General Subaccount | 422224.45 |
| x. | Investment Earnings on Capital Subaccount | Investment Earnings on Capital Subaccount | Investment Earnings on Capital Subaccount | 137429.27 |
| xi. | Investment Earnings on Excess Funds Subaccount | Investment Earnings on Excess Funds Subaccount | Investment Earnings on Excess Funds Subaccount | 58009.40 |
| **xii.** | **General Subaccount Balance (sum of i through xi above)** | **General Subaccount Balance (sum of i through xi above)** | **General Subaccount Balance (sum of i through xi above)** | $**41274028.97** |
| xiii. | Excess Funds Subaccount Balance as of prior Payment Date | Excess Funds Subaccount Balance as of prior Payment Date | Excess Funds Subaccount Balance as of prior Payment Date | 1700709.72 |
| xiv. | Capital Subaccount Balance as of prior Payment Date | Capital Subaccount Balance as of prior Payment Date | Capital Subaccount Balance as of prior Payment Date | 6471450.00 |
| **xv.** | **Collection Account Balance (sum of xii through xiv above)** | **Collection Account Balance (sum of xii through xiv above)** | **Collection Account Balance (sum of xii through xiv above)** | $**49446188.69** |

---

2. &nbsp;&nbsp;&nbsp;&nbsp;Outstanding Amounts as of prior Payment Date:

i. Series A 2018 Outstanding Amount $—

ii. Series A 2021 Outstanding Amount —

iii. Series A 2026 Outstanding Amount 284,226,703.00

iv. Series A 2032 Outstanding Amount 250,000,000.00

v. Series A 2035 Outstanding Amount 275,290,000.00

**vi.** **Aggregate Outstanding Amount of all Series A Bonds** **$** **809,516,703.00** 

3. &nbsp;&nbsp;&nbsp;&nbsp;Required Funding/Payments as of Current Payment Date:

---

| | | | |
|:---|:---|:---|:---|
| | ***Principal*** | | ***Principal Due*** |
| i. | Series A | 2018 | $— |
| ii. | Series A | 2021 |  |
| iii. | Series A | 2026 | 28550560.00 |
| iv. | Series A | 2032 |  |
| v. | Series A | 2035 |  |
| **vi.** | **All Series A Bonds** | **All Series A Bonds** | $**28550560.00** |

---

------

Exhibit 99.1

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | ***Interest*** | | | | | |
| | **WAL** | | **Interest Rate** | **Days in Interest Period** | **Principal Balance** | **Interest Due** |
| vii. | Series A | 2018 | 1.196% | 185 | $— | $— |
| viii. | Series A | 2021 | 1.731% | 185 |  |  |
| ix. | Series A | 2026 | 2.538% | 185 | 284226703.00 | 3606836.86 |
| x. | Series A | 2032 | 2.858% | 185 | 250000000.00 | 3572500.00 |
| xi. | Series A | 2035 | 3.112% | 185 | 275290000.00 | 4283512.40 |
| **xii.** | **All Series A Bonds** | **All Series A Bonds** | **All Series A Bonds** | **All Series A Bonds** | **All Series A Bonds** | $**11462849.26** |
|  |  |  |  |  | **Required Level** | **Funding Required** |
| xiii. | Capital Account | Capital Account |  |  | $6471450.00 | $— |

---

4. &nbsp;&nbsp;&nbsp;&nbsp;Allocation of Remittances as of Current Payment Date Pursuant to 8.02(e) of Indenture:

---

| | | | | |
|:---|:---|:---|:---|:---|
| i. | Trustee Fees and Expenses; Indemnity Amounts | Trustee Fees and Expenses; Indemnity Amounts | Trustee Fees and Expenses; Indemnity Amounts | $— |
| ii. | Servicing Fee | Servicing Fee | Servicing Fee | 323572.50 |
| iii. | Administration Fee | Administration Fee | Administration Fee |  |
| iv. | Operating Expenses | Operating Expenses | Operating Expenses | 164320.19 |
| Series A Bonds | Series A Bonds | Aggregate | Per $1,000 of Original Principal Amount |  |
| v. | Semi-Annual Interest (including any past-due for prior periods) | Semi-Annual Interest (including any past-due for prior periods) |  | $**11462849.26** |
| 1. | 2018 | $— | $— |  |
| 2. | 2021 |  |  |  |
| 3. | 2026 | 3606836.86 | 8.27 |  |
| 4. | 2032 | 3572500.00 | 14.29 |  |
| 5. | 2035 | 4283512.40 | 15.56 |  |
| vi. | Principal Due and Payable as a Result of an Event of Default or on Final Maturity Date | Principal Due and Payable as a Result of an Event of Default or on Final Maturity Date | Principal Due and Payable as a Result of an Event of Default or on Final Maturity Date | $**—** |
| 1. | 2018 | $— | $— |  |
| 2. | 2021 |  |  |  |
| 3. | 2026 |  |  |  |
| 4. | 2032 |  |  |  |
| 5. | 2035 |  |  |  |
| vii. | Semi-Annual Principal | Semi-Annual Principal | Semi-Annual Principal | $**28550560.00** |
| 1. | 2018 | $— | $— |  |
| 2. | 2021 |  |  |  |
| 3. | 2026 | 28550560.00 | 65.48 |  |
| 4. | 2032 |  |  |  |
| 5. | 2035 |  |  |  |
| viii. | Other unpaid Operating Expenses | Other unpaid Operating Expenses | Other unpaid Operating Expenses | $— |
| ix. | Funding of Capital Subaccount (to required level) | Funding of Capital Subaccount (to required level) | Funding of Capital Subaccount (to required level) |  |
| x. | Capital Subaccount Return to Duke Energy Florida | Capital Subaccount Return to Duke Energy Florida | Capital Subaccount Return to Duke Energy Florida | 101522.00 |
| xi. | Deposits to Excess Funds Subaccount | Deposits to Excess Funds Subaccount | Deposits to Excess Funds Subaccount | 613195.62 |
| xii. | Released to Issuer upon Retirement of all Series Bonds | Released to Issuer upon Retirement of all Series Bonds | Released to Issuer upon Retirement of all Series Bonds |  |
| **xiii.** | **Aggregate Remittances as of Current Payment Date** | **Aggregate Remittances as of Current Payment Date** | **Aggregate Remittances as of Current Payment Date** | $**41216019.57** |

---

------

Exhibit 99.1

5.&nbsp;&nbsp;&nbsp;&nbsp;Outstanding Amount and Collection Account Balance as of Current Payment Date (after giving effect to payments to be made on such Payment Date):

i. Series A 2018 $—

ii. Series A 2021 —

iii. Series A 2026 255,676,143.00

iv. Series A 2032 250,000,000.00

v. Series A 2035 275,290,000.00

**vi.** **Aggregate Outstanding Amount of all Series A Bonds** **$** **780,966,143.00** 

vii. Excess Funds Subaccount Balance 2,371,914.74

viii. Capital Subaccount Balances 6,471,450.00

**ix.** **Aggregate Collection Account Balance** **$** **8,843,364.74** 

6.&nbsp;&nbsp;&nbsp;&nbsp;Subaccount Withdrawals as of Current Payment Date (if applicable, pursuant to Section 8.02(e) of Indenture):

i. Excess Funds Subaccount $—

ii. Capital Subaccount 137,429.27

**iii.** **Total Withdrawals** **$** **137,429.27** 

7.&nbsp;&nbsp;&nbsp;&nbsp;Shortfalls in Interest and Principal Payments as of Current Payment Date:

---

| | | | |
|:---|:---|:---|:---|
| i. | Semi-annual Interest | Semi-annual Interest |  |
|  | Series A | 2018 | $— |
|  | Series A | 2021 |  |
|  | Series A | 2026 |  |
|  | Series A | 2032 |  |
|  | Series A | 2035 |  |
|  | **Total** |  | $**—** |
| ii. | Semi-annual Principal | Semi-annual Principal |  |
|  | Series A | 2018 | $— |
|  | Series A | 2021 |  |
|  | Series A | 2026 |  |
|  | Series A | 2032 |  |
|  | Series A | 2035 |  |
|  | **Total** |  | $**—** |

---

8.&nbsp;&nbsp;&nbsp;&nbsp;Shortfalls in Payment of Return on Invested Capital as of Current Payment Date:

i. Return on Invested Capital $—

9.&nbsp;&nbsp;&nbsp;&nbsp;Shortfalls in Required Subaccount Levels as of Current Payment Date:

i. Capital Subaccount $—

------

Exhibit 99.1

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Semi-Annual Servicer's Certificate.

---

| | | |
|:---|:---|:---|
| Date: | August 25, 2025 | **DUKE ENERGY FLORIDA, LLC,** |
|  |  | **as Servicer** |
|  | By: | /s/ Nicholas Speros |
|  |  | Nicholas G. Speros |
|  |  | Director, EUI Accounting – Carolinas |

---

<br>