VANCOUVER, BC--(Marketwired - May 29, 2013) - P2 Solar, Inc. (the "Company" or "P2") (
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.
Safe Harbor Statement
Statements made in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Risk factors that could cause actual results to differ materially from those projected in forward-looking statements include, but are not limited to, general business conditions, managing growth, and political and other business risks. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks and other factors detailed in P2 Solar, Inc.'s reports filed with the Securities and Exchange Commission. P2 Solar, Inc. undertakes no duty to update these forward-looking statements.
Contacts: Investor Relations Contact: Capital Group Communications, Inc. 415-332-7200 Mark Bernhard mark@cgcone.com Mark Gundy markgundy@gmail.com Company Contact: P2 Solar, Inc. invest@p2solar.com www.p2solar.com
