US-based solar power developer Principal Solar (PSI) and affiliates of Entropy Investment Management will jointly construct a 100MW solar project in Cumberland County, North Carolina.
Under the signed agreement, PSI will be responsible for the development phase of the facility and will later sell its stake to Entropy affiliates.
Construction works for the facility have already been initiated.
Planned to commence operations by the end of the year, the project will serve around 20,000 US households.
Principal Solar CEO Michael Gorton said: "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."
The deal is in-line with the firm’s strategy to own and operate 1GW of solar power projects.
Entropy managing partner Lewis Reynolds said: "The team’s expertise will continue to be pivotal to completion on our accelerated schedule."
In May, PSI awarded a contract to Alpha Energy for providing engineering, procurement and construction (EPC) services for the 100MW DC Sunrise IV facility.
The solar project’s output will be sold to Duke Energy after being commissioned under a 15-year power purchase agreement (PPA), PSI said.