Principal Solar to Build Largest Solar Project East of the Rockies
February 04 2015 - 8:00AM
Business Wire
Project in Hope Mills, NC, will have capacity of 78.5 MW
AC
Project scheduled to be operational by early 2016
Duke Energy to purchase power via a 15-year PPA
Total capital to be invested in the project will be $173
million
Principal Solar, Inc. (PSI; OTC Pink®: PSWW), a solar power
company that is creating a utility-scale operation, announced today
that it will build the largest solar facility east of the
Rockies.
The project, located in Hope Mills, NC, with a capacity of 78.5
MW AC, will be the largest solar facility east of the Rockies.
Total investment in the project is expected to be approximately
$173 million. Duke Energy Progress, Inc. has signed a 15-year power
purchase agreement (PPA) to buy energy from the project.
“This project launches Principal Solar as a leader in the solar
utility sector, meeting the growing demand for zero-emission, cost
efficient energy,” said Michael Gorton, chairman and CEO of PSI.
“This high-quality project has a stable source of long-term
revenue, and represents a major step forward for the U.S. solar
industry. Principal Solar remains focused on rapid growth via the
acquisition of shovel-ready solar projects, drawing on our industry
expertise to be a long-term and repeat business partner for both
solar project developers and traditional utilities.”
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.
The Company’s Board of Directors includes established energy and
industry executives such as Brenda Jackson, former Chief Customer
Officer of Oncor, and Garrett Boone, founder of the Container
Store. The Company’s Board of Advisors includes Hunter L. Hunt,
President and CEO of Hunt Consolidated Power, and Erle Nye, former
CEO of TXU.
PSI acquired the right to develop the project from Innovative
Solar Systems, LLC of Asheville, North Carolina. The acquisition of
the project is expected to close no later than June 3, 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 executing a unique roll-up strategy to create a distributed
solar utility. PSI concentrates its resources on the
acquisition, finance, development and management of solar power
generating facilities. The Principal Solar Institute,
an educational organization created by Principal Solar, Inc., is
dedicated to spreading solar knowledge to the critical stakeholders
in the ongoing energy debate.
Visit www.PrincipalSolar.com.
Forward Looking Statements
Statements in this press release that are not historical facts
may be deemed to be “forward-looking statements.” Actual and
anticipated future results may vary materially due to a variety of
risks and uncertainties, which are detailed in Company reports
filed with the Securities and Exchange Commission. All
information set forth in this press release is current as of the
date of this release and Principal Solar Inc. undertakes no duty or
obligation to update this information.
MediaCPR for Principal Solar, Inc.Alexis Lignos,
201-641-1911 x 52Alignos@cpronline.comorInvestor
RelationsMBS Value PartnersHugh Collins,
212-223-4632Hugh.collins@mbsvalue.com
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