The $154 million facility will be located in southern Fayetteville, N.C., in the east-cental part of the state. Duke Energy Progress has signed a 10-year power purchase agreement to buy energy from the project.
“This latest solar facility, our second major announcement in 2015, demonstrates Principal Solar’s momentum and leadership in the solar utility sector, meeting the growing demand for zero-emission, cost efficient energy," said Michael Gorton, Principal Solar's chairman and CEO.
The Fayetteville project is the second major project to be announced by the company in 2015. On February 4, 2015, Principal Solar 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, and combined capacity of the two facilities will be 151.4 MW AC, enough to power an estimated 14,400 homes in North Carolina.
Principal Solar acquired the right to develop the Fayetteville project from Innovative Solar Systems, LLC 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.
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