Innovative Solar Systems LLC said Feb. 11 that it has received all approvals and is ready to break ground on a 75-MW solar farm in Fayetteville, N.C.
“A massive solar energy generating site of this magnitude will generate enough electricity to power approximately 15,000 to 20,000 average size homes,” said John E. Green, CEO of Innovative Solar Systems (ISS). ISS has all approvals in place which include interconnection agreements, long-term purchase power agreements, state, federal, and regulatory approvals for Innovative Solar 42, which will be constructed on approximately 500 acres of farm land in Fayetteville.
ISS said it is in final negotiations with several large institutional size investment firms that seek to be the long term owner of this facility. ISS added that it has already secured competitive bids from some of the most credit worthy EPC firms in the U.S. that can construct this project by the end of 2015 while also providing the long term operating and maintenance contracts required by investors.
ISS said it has approximately 500 MW of shovel ready solar projects available for immediate sale and build out in the U.S. and another 1 GW of projects in various stages of development in about six other renewable energy friendly states. ISS added that it has a long track record of developing large scale solar projects and is preparing to expand into all 50 states after a merger this year which will provide the capital required to expand operations on a national level. A long-range initial public offering is also in the planning stages.
The North Carolina Utilities Commission in July 2014 approved a certificate of public convenience and necessity for the Innovative Solar 42 project, with the approval showing Duke Energy Progress as the planned power customer. The facility is to be located at 7550 Rufus Johnson Road near Fayetteville in Cumberland and Bladen counties.