CANADA: P2 Solar Inc. has acquired its second significant renewable energy project for development in India.
The project is a 500 KW mini-hydro facility located immediately downstream from P2's previously announced Project Rajgarh, near Ludhiana, Punjab, India, on the Sidhwan irrigation canal, and is named Project Tibba.
Project Tibba was acquired through P2's wholly owned Indian subsidiary, Jagat Energy Private Limited. Both Project Tibba and Project Rajgarh are owned outright by us, fully permitted and ready for construction. The company considers these projects as a series and both sites are being assessed for the possibility of incorporating solar PV arrays of several megawatts atop the canal space. Construction of Project Tibba will be co-ordinated with that for Project Rajgarh, the latter of which is scheduled for groundbreaking this summer.
Combined, these two mini-hydro facilities are expected to generate approximately $800,000 in annual revenues. Project Tibba's capital budget is $1.6 million, but with low operating costs EBITDA is estimated to be 95 percent.
As P2 indicated prior, the Punjab government is keen to harness the significant mini-hydro potential of its canals, which amounts to several hundred MWs, as well as to utilize the free space above its canals for expanding solar PV capacity.