Principal Solar, Inc. (PSI) today announced it will build the largest solar facility east of the Rockies.
Located in Hope Mills, NC, the project will have a capacity of 78.5 MW, with investments expected to total approximately $173 million. Duke Energy Progress, Inc. has signed a 15-year power purchase agreement (PPA) to buy energy from the installation.
“This project launches Principal Solar as a leader in the solar utility sector, meeting the growing demand for zero-emission, cost efficient energy,” said Michael Gorton, chairman and CEO of PSI. “This high-quality project has a stable source of long-term revenue, and represents a major step forward for the U.S. solar industry. Principal Solar remains focused on rapid growth via the acquisition of shovel-ready solar projects, drawing on our industry expertise to be a long-term and repeat business partner for both solar project developers and traditional utilities.”
PSI acquired the rights to develop the project from Innovative Solar Systems, LLC of Asheville, North Carolina. The acquisition of the project is expected to close no later than June 3, 2015, with construction to be completed in early 2016.