May 30 2013
P2 Solar, Inc. (the “Company” or “P2”) is pleased to announce that construction of the Company’s Langley rooftop project is scheduled to begin by the middle of June 2013. We have placed orders for equipment and supplies from vendors in Ontario and we expect materials to arrive in a few weeks. Our engineering and construction team is eager to begin the installation process.
B.C. Hydro, which is the province’s primary electricity supplier and the grid operator, has approved the project’s net-metering application, which means any surplus power generated by this facility will be fed into B.C. Hydro’s grid and the power supplied will be rebated to the facility at approximately $0.10 per kWh.
As the Company has previously indicated, P2 has been engaged to build a 53KWp solar PV rooftop facility at the office and warehouse complex of Canada Ticket, Inc. in Langley, B.C. Upon commissioning, this project will be the largest single grid-connected solar PV facility in British Columbia. The project will validate that there is a strong financial and economic case for solar PV in B.C. despite the low level of incentives available as compared to other jurisdictions, which is a testament to the solar PV industry’s rapid technological and manufacturing progress in recent years. P2 fully intends this project to be a showcase facility, a demonstration of solar PV’s potential and a vision of very real possibilities when the parties involved are willing to challenge conventional notions about the value of distributed renewable energy.
This project also marks a significant milestone for P2 Solar, Inc. With the construction of this project P2 will become a revenue-generating company and we will no longer be a development stage company. As P2 completes this project and those others in our near-term pipeline, the Company will see additional flexibility and opportunities arise from a financing perspective.
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Stay tuned for more updates, as we will provide more information on the Langley construction, including pictures, as work progresses.