P2 Solar, Inc. (the “Company” or “P2”) today announced it has formed a wholly owned subsidiary in India called Jagat Energy Private Limited.
Creating Jagat Energy was a necessary step for P2 Solar to become a player in the rapidly growing Energy markets in India. This allows P2 to comply with certain local government and corporate requirements that normally preclude foreign participation.
Bali Randhawa, COO of P2, said “This creates an efficient legal and tax structure for us and is a requirement for actually operating on the ground in India.”
India’s electric power needs are projected to double every 5 years, and its clean energy sector is already a $20 billion annual opportunity. The national government has set a target of building solar capacity to 5 Giga Watts by 2017 and 20 Giga Watts by 2022. The 2022 target for solar alone represents 10% of India’s current total electric power generating capacity.
P2 Solar is focused on servicing this huge opportunity. Long-standing and deep relationships with India’s renewable energy decision makers and industry players gives P2 Solar a decided advantage in capturing a significant portion of this expanding market.