June 19, 2013
DALLAS, Jun 19, 2013 (BUSINESS WIRE) — 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.
“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.”