Chicago, IL 3/1/12 (StreetBeat) – P2 Solar, Inc. (OTCBB: PTOS) is excited to announce that it has executed an Agreement to develop a 4.95 MW solar power farm with a 20 year gross revenue of 31 million Euro with a net cash flow of 13.6 million Euro. The irrevocable Binding Agreement is to acquire 100% of the PV project, which has all necessary land secured, all required permits, licences and rights in place.The project also has a signed 20 year government Power Purchase Agreement (PPA) and has all required approvals for grid connection. The 15.1 hectare project site has been secured and is located in a favourable area for solar, at an altitude of 266 meters above sea level in the northwestern region of Bulgaria, in the Vratsa Province.
Mr. Raj-Mohinder Gurm, CEO of P2 Solar, Inc., said, "We have a stellar team working through the process of finalizing each of the steps in procuring the various components of this and other PV projects."
Solar in Bulgaria:
Bulgaria has emerged as one of Europe's most lucrative solar energy markets because of the country's strong solar irradiation and government feed-in-tariff program. Developers are seeking new opportunities in central and south-eastern Europe after Spain and Germany, the global industry leaders in photovoltaics (PV), cut incentives.
P2 Solar Mandate:
The Company has been building its management team in an effort to take advantage of opportunities in the emerging solar industry worldwide. The Company's areas of focus are the regions of India, Europe and Canada and the company is currently working to identify and execute potential PV solar projects in these regions. For more information, please visit http://www.p2solar.com.
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