The amount paid to the previous owners of the project, SunGen and R&D Solar, was not disclosed.
But the Dallas, Texas-based solar energy holding company did say construction of the project is slated to begin during the second quarter of 2013.
The completed solar system will interconnect to National Grid’s substation in Andover, Mass, Principal Solar said in a written release.
"The considerable size and partnership approach to this project exemplify the work we are doing at PSI to build this distributed solar utility,” said R. Michael Martin, executive vice president, Business Development, PSI. “Our partners, R&D and SunGen, have developed an excellent project that we are ready to bring on-line in 2013."
The Andover project expands the presence of PSI in New England. In 2011, PSI worked with Talmage Solar Engineering, Inc. to acquire two other solar installations: one in Massachusetts and one in Maine.
"We continue to expand our relationship with PSI, and are very excited to build this array," said Kale Inoue, chief financial officer, Talmage Solar Engineering, Inc. "The site is perfect and a solar farm is by far the best use for this land.”
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