P2Solar (PTOS)

[Muffin McPuffin]

Well, the due date has come and gone and.............. deafening silence all round!!

Posted by: Tazcolin Date: Tuesday, October 13, 2009 2:32:42 PM
In reply to: runninamuk who wrote msg# 637 Post # of 679

FYI - The pre-feasibility report should be submitted before Nov. 10, 2009 according to the terms below.

P2 Solar, Inc. signs MoU to build 25 MW solar power station with Punjab government agency

Published in: News, India News

P2 Solar, Inc. is pleased to announce that on July 13, 2009 they have signed a Memorandum of Understanding (MOU) with a Punjab Government Agency. Pursuant to the terms of the MOU, the Company is authorized to prepare and submit a pre-feasibility report for the proposed development and construction of a 25 Megawatt Solar Power Station within the Indian State of Punjab. The Company must supply the pre-feasibility report to the government agency within 120 days of the execution of the MOU. Once submitted, the report will be reviewed and the government agency will make a final determination about the feasibility of the proposed Solar Power Station. In the event the agency approves the report, the next step will be for the parties to enter into a separate memorandum of understanding memorializing the terms for the construction of the 25 Megawatt Solar Power Station.

Additionally, in the event the government agency approves the pre-feasibility report, the Company anticipates that in conjunction with such approval, the Company will enter into an Implementation Agreement with the government agency and simultaneously a Power Purchase Agreement with the Punjab State Electricity Board pursuant to Clause 8 of the New and Renewable Sources of Energy (NRSE) Policy - 2006 established by the Government of Punjab. The Company anticipates that the Implementation Agreement will provide that, pursuant to the NRSE Policy - 2006 and the Punjab State Electricity Regulatory Commission's (PSERC) Tariff Order dated December 13, 2007, the Punjab State Electricity Board shall purchase 100% of the power generated from the Solar Power Station constructed by the Company. Under the terms of the MOU, P2 Solar, Inc. shall be required to set up the project in Independent Power Plant mode for sale of power to the Punjab State Electricity Board/ successor licensee only.