VANCOUVER, BRITISH COLUMBIA / May 1, 2014 / P2 Solar, Inc. (the "Company" or "P2") (OTCQB: PTOS), developer of solar photovoltaic (PV) and hydro power projects, today announces that an Implementation Agreement has been signed with Punjab Energy Development Agency (PEDA), Punjab State's governing authority on all renewable projects.
The signing of this agreement grants permissions to the Company to establish, operate, and maintain the project on a Build, Own, and Operate basis, as well as allows for the non-consumptive use of the canal water for the purpose of power generation during the initial agreement period of thirty five (35) years. After 35 years, PEDA and P2 with mutual consent will extend this agreement or PEDA will buy the project outright at market price.
Raj-Mohinder Gurm, CEO of P2, said, "This is another significant step as we can now hire an EPC (Engineering, Procurement, and Construction) contractor and start planning construction of the project. We will be in a position to announce hiring of the EPC and construction start date in six to eight weeks."
About P2 Solar, Inc.
P2 Solar is primarily 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. Mini-hydro power projects represent a second major market opportunity being aggressively pursued.
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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P2 Solar, Inc.
SOURCE: P2 Solar, Inc.
Release ID: 42634