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

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.

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