P2 Solar operates
intentionally and strategically. The Surrey, Canada-based developer of solar
photovoltaic (PV) and hydropower projects has been operating for close to 25
years and has been consistent about setting up shop where renewable energy
policies are exceedingly favorable.
While the company’s
main priority is solar PV projects, it does not hesitate to aggressively pursue
mini-hydro power projects as well; simply put, they present a major, albeit
secondary, market opportunity.
This year, P2 Solar has
made significant strides in moving its renewable energy projects forward in
India, especially its mini-hydro power projects.
In mid-April, the
company completed the financing need to cover the expenses of Project Rajgarh,
one of two small hydro projects it’s developing in Punjab, India. The bulk of
the financing was about $200,000 in convertible notes with a conversion price
to be negotiated at a later date and the balance was approximately $40,000 in
an equity private placement. The company’s capital raising efforts took place
over the course of four months.
A few weeks later,
P2 Solar received governmental approval for the project. Both the Punjab Energy
Development Agency (PEDA), which governs all renewable energy projects in the
state, and the Punjab Irrigation Department accepted and approved the detailed
project report, a critical step in the developmental path as this report lays
out the proposed engineering design, hydrological data and other major factors
concerning the project.
Finally, in early
May, P2 Solar signed an implementation agreement with PEDA that will allow the
company to build, own and operate Project Rajgarh in Punjab as well as use a
nearby canal’s water for power generation. Acting in its capacity as the Punjab
State’s governing authority for all renewable projects, PEDA set the initial
agreement period for thirty-five years with the stipulation that, after those
years, both P2 Solar and the agency will mutually decide whether or not to
extend the agreement. The other option is for PEDA to purchase the Rajgarh
Project outright at market price.
P2 Solar’s
management has expressed confidence that Project Rajgarh will become
operational on schedule.
For more
information, visit www.p2solar.com
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