P2 Solar, a
developer of solar PV power and hydro power projects, reports that its wholly
owned subsidiary in India has signed a Power Purchase Agreement (“PPA”) with a
Punjab energy distribution company, enabling P2 Solar to advance its Rajgarh
small hydro power project.
The PPA provides a
35-year payment term at an approximate tariff of US$0.10, which the P2 Solar
believes will enable a high rate of return and generate free cash flow for the
firm. Raj-Mohinder Gurm, CEO of P2 Solar, notes that the agreement is the result
of years of diligence, and is of historical significance for the company.
“This is a pivotal
event for P2 Solar, as this power purchase agreement marks the culmination of
significant efforts we have made over the past years to secure a project in
India and proceed with commissioning,” he stated in the news release.
Per the agreement,
P2 Solar is permitted to close bids for construction, and the company’s
Canada-based management team will soon return to India to move ahead with the
project’s development, including the selection of the lead contractor and
initiating construction.
P2 Solar’s Rajgarh
hydro power project is located on the Sidhwan irrigation canal near the city of
Ludhiana in Punjab, India, upstream from the company’s other mini-hydro site,
Project Tibba.
For more information
visit www.p2solar.com
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