Developer of solar photovoltaic (PV) and hydro power projects P2 Solar has signed an Implementation Agreement with Punjab Energy Development Agency (PEDA), Punjab State’s governing authority on all renewable projects.
The company has been granted approval 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 35 years.
After 35 years, PEDA and P2 Solar with mutual consent will extend this agreement or PEDA will buy the project outright at market price.
P2 Solar CEO Raj-Mohinder Gurm 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."