P2 Solar, Inc., based in Surrey, British Columbia, Canada, has announced it has executed an option agreement to develop a 7.3 MW solar power farm in Bulgaria.
The "shovel-ready" project with a 20 year gross revenue of USD 76.5 M is located in southwestern Bulgaria near the Greek border and has land secured, all required permits are in place and a 20 year government power purchase agreement (PPA), is signed, according to P2 Solar.
The company has recently appointed a Bulgarian consultant who has been working with management to identify potential solar projects. It has had a team working in Bulgaria for the months of June and July reviewing numerous opportunities and is now performing due diligence and technical analysis on the 7.3MW project site. The project is slated to be constructed on a 35+ acre parcel of land perfectly suited for a PV solar farm.
"We are excited with this 7.3 MW solar project and will be performing due diligence with our engineering team and legal counsel during the next three weeks in order to finalize the project details. Our team has been working hard to secure projects in line with our company mandate and Bulgaria should become a big part of that with its enormous potential for solar power development," Raj-Mohinder Gurm, CEO of P2 Solar, Inc., is quoted as saying.
In its statement, the Canadian company points out that 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. It also says developers are seeking new opportunities in central and south-eastern Europe after Spain and Germany, the global industry leaders in photovoltaics (PV), have cut or plan to curtail incentives.
P2's management has laid out a three phase program from 2011 to 2013 with an aggressive mandate to develop 100 MW of sustainable, renewable PV solar power capacity by the end of 2013.
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.