P2 Solar Inc. has signed an agreement to acquire a 5-megawatt hydroelectric project in northern India.
Project Barkote 2 has an associated project located nearby for which P2 announced an acquisition agreement in January. Barkote 2, as with Barkote 1, is a fully operational project – it has been generating power since September 2014, is connected to the grid, and has a 35 year power-purchase agreement with the state electricity distribution authorities.
Term debt for Barkote 2 is already in place with an Indian bank. The total purchase price is US$11.2 million, including term debt of US$4.7 million and equity of US$6.5 million.
