Principal Solar, Inc. (PSI) agreed to terms to co-develop its first major solar asset with affiliates of Entropy Investment Management, LLC (Entropy). The 100MW facility, located in Cumberland County, North Carolina, will produce enough electricity to power approximately 20,000 average American homes.
Construction began the week of August 17, 2015, and the project is expected to begin generating power before the end of 2015. In the transaction, PSI will continue to play an important role in completing the project’s development phase and sold its interest in the project to affiliates of Entropy.
“This agreement with affiliates of Entropy represents a significant milestone for the Company,” says Michael Gorton, CEO, PSI. “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 will continue to manage important relationships needed to build the project and will oversee the achievement of critical development milestones drawing upon its more than 50 years of expertise building and connecting power generation facilities to the transmission grid.
“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. 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.