Canada-based P2 Solar said it has signed an agreement to develop a 4.95 megawatt (MW) solar power farm in Bulgaria with a 20-year gross revenue of 31 million euro and net cash flow of 13.6 million euro.
"The irrevocable binding agreement is to acquire 100% of the PV project, which has all necessary land secured, all required permits, licences and rights in place
," the company said in a statement on Wednesday.
The farm, located near Vratsa
, in northwestern Bulgaria
, has a 20-year government Power Purchase Agreement (PPA) and all required approvals for grid connection.
Bulgaria has emerged as one of Europe`s most lucrative solar energy markets because of the country`s strong solar irradiation and government feed-in-tariff program, P2 Solar said.