Principal Solar to Sell Power to Duke From 78.5-Megawatt Project

(Bloomberg) — Principal Solar Inc., a U.S. renewable-energy developer, agreed to sell electricity to Duke Energy
Corp. from a 78.5-megawatt power plant it’s building in North
Carolina.

The $173 million solar farm in Hope Mills is expected to
begin generating power early next year, Dallas-based Principal
Solar said in a statement Wednesday. The company is buying the
project’s development rights from closely held Innovative Solar
Systems LLC in a deal that’s set to close by June 3.

Duke agreed to buy the power under a 15-year contract.
Terms weren’t disclosed.

To contact the reporter on this story:
Justin Doom in New York at
jdoom1@bloomberg.net

To contact the editors responsible for this story:
Will Wade at
wwade4@bloomberg.net
Tina Davis

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