Principal Solar, Inc. will build the largest solar facility east of the Rockies.
The project, located in Hope Mills, N.C., with a capacity of 78.5MW AC, will be the largest solar facility east of the Rockies. Total investment in the project is expected to be approximately $173 million. Duke Energy Progress, Inc. has signed a 15-year power purchase agreement (PPA) to buy energy from the project.
The Principal Solar team has more than 200 years of cumulative energy experience with utilities such as TXU Energy. The company’s Board of Directors includes energy and industry executives such as Brenda Jackson, former chief customer officer of Oncor, and Garrett Boone, founder of the Container Store. The company’s Board of Advisors includes Hunter L. Hunt, president and CEO of Hunt Consolidated Power, and Erle Nye, former CEO of TXU.
PSI acquired the right to develop the project from Innovative Solar Systems, LLC of Asheville, N.C. The acquisition of the project is expected to close no later than June 3, 2015, with construction to be completed in early 2016.