Project in Fayetteville, NC will have capacity of 72.9 MW AC ---- Project scheduled to be operational in early 2016 ---- Duke Energy Progress to purchase power via a 10-year PPA ---- Project brings PSI's planned capacity in North Carolina to 151.4 MW AC
DALLAS--Principal Solar, Inc. (PSI; OTC Pink: PSWW), a solar power company that is creating a utility-scale operation, announced today that it will build a 72.9 MW AC solar facility in North Carolina, its second major project announced in 2015.
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. On February 4, 2015, 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, and combined capacity of the two facilities will be 151.4 MW AC, enough to power an estimated 14,400 homes in North Carolina1.
"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. 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. "Principal Solar is poised for further growth in 2015. 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."
The Principal Solar team has more than 200 years of cumulative energy experience with leading utilities such as TXU Energy. Chief Executive Michael Gorton has significant energy industry expertise, and has founded successful businesses in healthcare, IT and telecommunications.
PSI 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.
About Principal Solar
Principal Solar, Inc. (PSI; OTC Pink: PSWW), is a publicly traded solar power company that is building a utility-scale operation. Principal Solar has an entrepreneurial growth strategy: to identify attractive solar projects at an early stage in their development, then complete their construction and bring them on line and sell power via long-term power purchase agreements (PPAs). This strategy maximizes value for stakeholders, mitigates development risk and helps provide affordable, zero-emission electricity to utilities and consumers across the country. Principal Solar currently has more than 150MW AC of power contracted to a major utility via long-term PPAs, and a growing pipeline of high-quality projects under consideration. The Principal Solar Institute, an educational organization created by Principal Solar, Inc., is dedicated to spreading solar knowledge to the critical stakeholders in the solar and broader electricity markets. Visit www.PrincipalSolar.com.