DALLAS, May 11, 2015 (GLOBE NEWSWIRE) -- Principal Solar, Inc. ("PSI") (Pink Sheets:PSWW), a publicly traded solar power company building a utility-scale solar portfolio, announced today that it has contracted Alpha Energy as its engineering, procurement and construction (EPC) partner to build its Principal Sunrise IV project located in Cumberland County.
The project, which begins in May and is expected to be completed by the end of 2015, will be overseen by Ken Allen, chief operating officer, PSI.
"Alpha is a world leader in large-scale construction and solar projects," says Michael Gorton, CEO, PSI. "Their proven expertise and demonstrated commitment to the success of the project are an important asset as we bring this project on-line."
The project, with a capacity of 100 MW DC, will be the largest solar facility east of the Rockies. Principal Sunrise IV has a fully executed 15-year power purchase agreement (PPA) with Duke Energy to purchase 100 percent of the power produced.
"We are pleased to be working with PSI, a unique and growing solar company with high-quality projects," said Drew Zogby, president and CEO of Alpha Technologies Services, Inc. "We look forward to developing this important project to meet demand for solar energy in North Carolina."
About Principal Solar
Principal Solar, Inc. (PSI) (Pink Sheets:PSWW), is a publicly traded solar power company that is building and operating utility-scale projects. Principal Solar has an entrepreneurial growth strategy: to identify attractive solar projects at an early stage in their development, complete their construction, and bring them on line and selling power via long-term power purchase agreements (PPAs). This strategy maximizes value for stakeholders, mitigates development risk and helps provide affordable, zero-emission electricity to utilities and consumers across the country. The Principal Solar Institute, an educational organization created by Principal Solar, Inc., is dedicated to spreading solar knowledge to the critical stakeholders in the solar and broader electricity markets. Visit www.PrincipalSolar.com.
Forward Looking Statements
Statements in this press release that are not historical facts may be deemed to be "forward-looking statements." Actual and anticipated future results may vary materially due to a variety of risks and uncertainties, which are detailed in Company reports filed with the Securities and Exchange Commission. All information set forth in this press release is current as of the date of this release and Principal Solar Inc. undertakes no duty or obligation to update this information.
CONTACT: Media CPR for Principal Solar, Inc. Joelle Caputa, 201-641-1911 x 54 JCaputa@cpronline.com or Investor Relations MBS Value Partners Helaina Hovitz 212-661-2232 Helaina.Hovitz@mbsvalue.comSource:Principal Solar, Inc.