The company has signed a 20 year government power purchase agreement and has also secured all required permits for the facility.
The project will be located on a 35 acre site and is expected to generate gross revenue of $76.5m over a 20-year period.
P2 Solar CEO Raj-Mohinder Gurm said the company is excited with the solar project and will be performing due diligence with its 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" Gurm added.
P2Solar intends to develop 100 MW of sustainable, renewable PV solar power capacity by the end of 2013.
