All that lacks is an investor, which the privately held developer says will be announced in the next month.
The company currently is in late-stage discussions with potential investors and plans to begin construction on the project in 2015, confirmed chief executive John Green in a brief phone call.
The project, known as Innovative Systems 46, would be one of the largest solar farms on the East Coast.
Based in Asheville, N.C., Innovative Solar Systems says it plans to expand across the United States. Last week, the company disclosed its intention to go public sometime this year in order to fuel its planned expansion.
The developer currently has hundreds of megawatts of solar farm projects approved and ready for immediate construction in North Carolina and another gigawatt of projects in various stages of development in East Coast, West Coast states and in the central United States.
The company plans to raise the needed capital to expand operations in all 50 states and make solar energy a reality to every rate-paying customer of electricity across the U.S.