Calling it the largest solar facility east of the Rockies, Principal Solar Inc. (PSI) is planning to build a 78.5 MW project in Hope Mills, N.C.
The company expects total investment in the solar project to be approximately $173 million. Duke Energy Progress Inc. has signed a 15-year power purchase agreement to buy energy from it.
PSI acquired the right to develop the project from Innovative Solar Systems LLC of Asheville, N.C.
PSI expects the acquisition to close no later than June 3, 2015, with construction to be completed in early 2016.