Under the terms of the deal, the Entropy affiliates will acquire stake in the project, which is planned start power generation by the end of this year.
Principal Solar will be responsible for the project’s development phase, with construction already underway in east of the Rockies.
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."
Planned to be constructed in Cumberland County, the project is expected to generate clean electricity required to power approximately 20,000 average American homes.
The deal is said to represent next step towards Principal Solar’s aim to own and operate 1GW of solar power generation.
Entropy managing partner Lewis Reynolds said: "The team’s expertise will continue to be pivotal to completion on our accelerated schedule."
Earlier this year, Principal Solar has selected Alpha Energy for the construction of the 100MW DC Principal Sunrise IV solar power plant in Cumberland County, North Carolina, US.
According to the company, power generated from the plant will be sold to Duke Energy under a 15-year power purchase agreement.
