P2 Solar, Inc. (PTOS) Inks 35-Year Power Purchase Agreement P2 Solar, Inc. (PTOS) Inks 35-Year Power Purchase Agreement for Rajgarh Hydro Project in India
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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