VANCOUVER, BC / ACCESSWIRE / June 25, 2014 / P2 Solar, Inc. (the "Company" or "P2") (OTCQB: PTOS) is delighted to announce that its wholly owned subsidiary in India has signed the Power Purchase Agreement ("PPA") for our project Rajgarh with the Punjab energy distribution company.
Raj-Mohinder Gurm, CEO, said, "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."
The PPA provides a 35 year payment term at an approximate tariff of US$0.10, which the Company believes will enable a high rate of return and generate free cash flow for the firm. The signing of the PPA means P2 can now close bids for construction and proceed to build the project.
Our management team will shortly be returning to India to move ahead with the project's development. These steps include selecting the lead contractor and initiating construction. We hope to share the construction schedule with our shareholders in the near future.
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About P2 Solar, Inc.
P2 Solar, Inc. (OTCQB symbol: PTOS) is a developer of solar PV power projects. P2 is focused on building new solar PV projects where renewable energy policies are favorable and where the public and private sectors are actively seeking to incorporate solar PV into their electricity consumption profiles.
Safe Harbor Statement
Statements made in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Risk factors that could cause actual results to differ materially from those projected in forward-looking statements include, but are not limited to, general business conditions, managing growth, and political and other business risks. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks and other factors detailed in P2 Solar, Inc.'s reports filed with the Securities and Exchange Commission. P2 Solar, Inc. undertakes no duty to update these forward-looking statements.
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SOURCE: P2 Solar, Inc.