FAYETTEVILLE, NC –Principal Solar Inc. (PSI; OTC Pink®: PSWW), a Dallas, Texas-based solar power company, said that it will build a 72.9 MW AC solar facility in Fayetteville, North Carolina, it’s second major project in the state. The first, the largest solar project east of the Rockies, is planned for Cumberland County.
The project will be located in southern Fayetteville, NC, near St. Pauls, NC, and will represent total investment of approximately $154 million. Duke Energy Progress has signed a 10-year power purchase agreement (PPA) to buy energy from the project.
The Fayetteville project is the second major project to be announced by Principal Solar in 2015. In February, the Company announced plans to build a 78.5 MW AC facility in Cumberland County, NC. This facility will be the largest solar project east of the Rockies. The combined capacity of the two facilities will be 151.4 MW AC, enough to power an estimated 14,400 homes in North Carolina.
“Both of these projects have stable sources of revenue and demonstrate the growing importance of solar power to the U.S. energy industry,” said Michael Gorton, Chairman and CEO of PSI.
PSI acquired the right to develop the Fayetteville project from Innovative Solar Systems of Asheville, NC. The acquisition of the project is expected to close no later than August 30, 2015, with construction to be completed in early 2016.