The footprint for solar electricity is growing larger in North Carolina.
Thanks to a co-development agreement between Principal Solar and Entropy Investment Management, this 100 MW development, launched in August, should be completed by the end of this year. Located in Cumberland County, North Carolina, this impressive clean energy project is expected to produce enough electricity to power approximately 20,000 average American homes, sunlight permitting.
“This agreement with affiliates of Entropy represents a significant milestone for the company,” said PSI CEO Michael Gorton in a press announcement. “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.”
Dallas-based PSI will continue to manage important relationships needed to build the project and will oversee the achievement of critical development milestones, drawing upon its expertise in building and connecting power generation facilities to the transmission grid.
“We are very excited about the opportunity to be a part of this marquee project as well as future endeavors,” said Lewis Reynolds, managing partner, Entropy.
Entropy provides direct and efficient equity finance for renewable energy projects. This financing concern was founded by an investment banker and an engineer, making it a good fit for clean energy projects like this one.