Dallas-based solar power company Principal Solar Inc. (PSI) has contracted Alpha Energy as its engineering, procurement and construction partner to build its 100 MW Principal Sunrise IV project located in Cumberland County, N.C.
The project, which is expected to be completed by the end of the year, will be overseen by Ken Allen, chief operating officer of PSI. Principal Sunrise IV has a fully executed 15-year power purchase agreement (PPA) with Duke Energy to purchase 100% of the electricity produced.
PSI acquired the right to develop the project from Innovative Solar Systems LLC of Asheville, N.C. The project represents PSI's second major acquisition in North Carolina.
The company says its strategy is to identify attractive solar projects at an early stage in their development, complete their construction and sell their electricity via long-term PPAs.