Greentech Lead America: P2 Solar has received a financing
term sheet for 7.2 million euros in debt financing to meet debt financing needs
for its newly announced 4.95 MW solar power farm in Bulgaria.
A company press release said the financing will provide
for 70 percent of the total project cost. The financing term sheet is subject
to the Bank’s due diligence of the solar project. Due diligence will be
performed during the next 2 weeks and upon successful completion, will be
reviewed for final bank approval.
“This is a very important first step in the process
of successfully financing and building this exciting project,” said
Raj-Mohinder Gurm, CEO of P2 Solar.
The company has been building its management team to take
advantage of opportunities in the emerging solar industry. 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.
According to P2 Solar, 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. Developers are seeking
new opportunities in central and south-eastern Europe after Spain and Germany,
the global industry leaders in photovoltaics (PV), cut incentives.