The project is set to be located across 35 acres in south-western Bulgaria, near the Greek border. The solar company says that the land and all required permits have been secured, and a 20 year government Power Purchase Agreement signed.
It adds that a recently appointed Bulgarian consultant has been specifically looking for photovoltaic projects in the country.
Raj-Mohinder Gurm, CEO of P2 Solar, Inc., commented: "We are excited with this 7.3 MW solar project and will be performing due diligence with our engineering team and legal counsel during the next three weeks in order to finalize the project details.
"Our team has been working hard to secure projects in line with our company mandate and Bulgaria should become a big part of that with its enormous potential for solar power development."
In a statement, P2 says its management has laid out a three phase program from 2011 to 2013, which is aiming to develop 100 MW worth of solar. It adds that its key markets are India, Europe and Canada.