P2 Solar has signed an option agreement worth $76.5m for the construction of a 7.3MW solar farm in Bulgaria.

The project will be constructed on 35 acres of land in south-western Bulgaria near the Greek border.

P2 Solar said all the permits required for the construction of the plant have been acquired and it has also signed a 20-year power purchase agreement.

The company recently appointed a Bulgarian consultant who has been working with management to identify potential solar projects.