Principal Solar Inc. will invest US$154 million to develop a 72.9-megawatt solar farm in North Carolina.
The project will be located in southern Fayetteville and has secured a 10-year power purchase agreement with Duke Energy. Principal Solar acquired the right to develop the project from Innovative Solar Systems. The acquisition of the project is expected to close by August 30, with construction to be completed in early 2016.
The Fayetteville project is the second major project in North Carolina to be announced by Principal Solar in 2015. In February, the company announced plans to build a 78.5-MW pant in Cumberland County, which will be the largest solar project east of the Rockies.
“Principal Solar is poised for further growth in 2015,” said Michael Gorton, Chairman and CEO of Principal Solar. “We have under evaluation a pipeline of viable, well-developed solar projects, and have a clear pathway to profitability. We look forward to keeping the market updated about our progress.”