US solar power company Principal Power is teaming up with Entropy Investment Management to co-develop its first major solar project.
The 100 MW solar power project will be located in Cumberland County, in North Carolina, and is set to generate enough electricity to generate the equivalent needs of 20,000 average US homes. Construction began earlier in August, and Principal Solar expects the project to begin generating power before the year is out.
Principal Solar will continue to manage the construction of the project — including managing the relationships necessary to completing such a project, as well as overseeing the completion of critical construction milestones — but have sold its interest in the project to affiliates of Entropy Investment Management.
“This agreement with affiliates of Entropy represents a significant milestone for the Company,” says Michael Gorton, CEO of Principal Solar. “We have established a relationship with a high-caliber team of solar and finance professionals at Entropy, and have positioned PSI to build additional utility scale projects with them. This is the next major step toward our goal of owning and operating gigawatts of solar electricity generation.”
“PSI’s team has done a great job of getting this project ready to build,” said Lewis Reynolds, managing partner, Entropy. “The team’s expertise will continue to be pivotal to completion on our accelerated schedule. PSI has demonstrated a commitment to seeing this project through and at the same time is positioning itself to leverage the success of this project for its own future growth. We are very excited about the opportunity to be a part of this marquee project as well as future endeavours.”
This will not be Principal Solar’s first project, nor even it’s first project in North Carolina. Earlier this year, Principal Solar announced two separate projects to be built in North Carolina — the 73 MW solar farm in Fayetteville is expected to be completed in early 2016, while the 78.5 MW solar project in Hope Mills, North Carolina, is also expected to begin operation in early 2016.
The move also comes following Principal Solar’s initial public offering back in June, where the company offered 2.8 million shares for sale.