Principal Solar continues to expand by acquiring a 3MW solar power plant in Fayetteville, Tennessee
Thursday, Jun 20, 2013
Principal Solar, Inc (PSI; OTC Pink: PSWW), a publicly traded solar energy holding company executing a unique roll-up strategy to create the world's first distributed solar utility, today announced its most recent acquisition: the 3MW Powerhouse One, LLC (PH1) solar power farm – four 750kW ground-mounted PV systems located in Fayetteville, Tennessee, cumulatively operating as a 3MW ground-mounted PV system. PH1 is one of the largest operating PV systems in Tennessee.
Built by vis solis, Inc. the Franklin, TN based U.S. subsidiary of vis solis, GmbH, a solar development and integration company, and commissioned in November of 2011, PH1 carries a 20-year agreement with Fayetteville Public Utilities that is backed by the Tennessee Valley Authority’s (TVA) Generation Partners Program.
“vis solis developed and built a great project, and adding it to our portfolio was an easy decision.”
“The goal of this acquisition is to add to our portfolio of solar generation while attracting similar assets to our model,” says Michael Gorton, president and CEO of PSI. “vis solis developed and built a great project, and adding it to our portfolio was an easy decision.”
R. Michael Martin, executive vice president of Business Development, PSI, adds, “This important acquisition fuels the build-up of our solar portfolio, and working with vis solis adds value to our partnership strategy. Our attention now focuses on multiple projects of similar scale, and going forward, we encourage developers to present us with such opportunities for acquisition.”
Carlos Mayer, president and CEO, vis solis says, “vis solis and PSI share the same vision: to convert the power of the sun, the most abundant sustainable energy resource on earth, into competitive, reliable and environmentally-friendly electricity. We are delighted to team with PSI and to be a part of PSI’s move into the Tennessee Valley region as it demonstrates its leadership and commitment to solar energy.”
Source: Principal Solar