P2 Solar Inc. has received a financing term sheet of 7.2 million euros in non-dilutable debt financing. The money will provide 100% of the debt financing requirements for the company's 4.95 MW solar power farm in Bulgaria.
The debt financing will provide for 70% of the total project cost. The financing term sheet is subject to the bank's due diligence of the solar project, P2 Solar notes. Due diligence will be performed during the next two weeks and, upon successful completion, will be reviewed for final bank approval.
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, according to P2 Solar.