British Columbia-based solar developer P2 Solar Inc. has formed a wholly owned subsidiary in India called Jagat Energy Private Ltd.
P2 Solar says creating Jagat Energy was a necessary step to become a player in the rapidly growing energy markets in India, whose government has set a target of building solar capacity to 5 GW by 2017 and 20 GW by 2022. In addition, the new subsidiary will allow P2 Solar to comply with certain local government and corporate requirements that normally preclude foreign participation.
Bali Randhawa, chief operating officer of P2, says, ‘This creates an efficient legal and tax structure for us and is a requirement for actually operating on the ground in India.’
