Solar power developer and operator Principal Solar, Inc. (PSI) has agreed to a deal to co-develop its first major solar project with partners from Entropy Investment Management.
The 100MW installation, located in Cumberland County, North Carolina, will generate enough energy to power around 20,000 homes.
Construction on the site began during the week of 17 August 2015 and is expected to begin producing power by the end of the year. As part of the deal, PSI will play a role in wrapping up the installation’s development phase while also selling its interest in the project to Entropy’s affiliates.
Michael Gorton, CEO at PSI, said: “This agreement with affiliates of Entropy represents a significant milestone for the company. 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.”
Lewis Reynolds, managing partner at Entropy, added: “PSI’s team has done a great job of getting this project ready to build. 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.”