Texas-based Principal Solar Inc. (PSI) says it will build a 72.9 MW (AC) solar facility in Fayetteville, N.C.
PSI acquired the right to develop the Fayetteville project from Innovative Solar Systems LLC of Asheville, N.C. The acquisition of the project is expected to close no later than Aug. 30, with construction to be completed in early 2016.Â
The project represents total investment of approximately $154 million. Duke Energy Progress has signed a 10-year power purchase agreement to buy energy from the project.Â
The Fayetteville project is the second major project to be announced by PSI this year. In February, the company announced plans to build a 78.5 MW facility in Cumberland County, N.C.
‘Both of these projects have stable sources of revenue and demonstrate the growing importance of solar power to the U.S. energy industry,’ says Michael Gorton, chairman and CEO of PSI.