SNPW Subsidiary Sun Pacific Power Corp Receives “A” Investment Grade Underwriter Support to Provide Insurance Wrap for $50 Million Funding of US Solar Manufacturing Plant

Rhea-AI Summary

Sun Pacific Holding Corp (SNPW) announces progress on its solar manufacturing plant project, securing non-binding support for a $50 million funding contract through Invictus and Lloyd's of London. The contract involves a lead underwriter with an 'A' Investment Grade rating, aimed at providing insurance for the project. CEO Nicholas Campanella highlighted the acquisition of a suitable 200k sq ft property in Alabama, which will enable production of over 1GW of solar panels annually, reinforcing SNPW's renewable energy strategy.

Positive

• Secured non-binding support for $50 million funding from Invictus.
• Acquired a 200k sq ft property in Alabama for solar production.
• Projected capacity of over 1GW of solar panels per year.

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• None.

MANALAPAN, N.J., Nov. 15, 2022 (GLOBE NEWSWIRE) -- Sun Pacific Holding Corp. (Other OTC: SNPW) announces that its wholly owned subsidiary, Sun Pacific Power (“SPP”) is pleased to report on important progress on the company’s previously announced contract with Invictus to provide an insurance wrap for a $50 million-dollar funding of our planned US based solar manufacturing plant through Lloyds of London. After a process of detailed due diligence on the project, Invictus has identified and secured the non-binding support of one of the leading insurance practitioners on its preferred panel of "A" Investment Grade Credit Rated underwriters.

Operating within the Lloyd's of London insurance market, the contract certainty, experience, knowledge, and market reputation of this underwriter are beyond reproach. Through a process of coinsurance, the lead underwriter will issue the proposed suite of insurance policies and be the single point of contact for all correspondence and documentation to manage all claims, endorsements, and renewals. Invictus confirms that the preferred funding partner(s) will be formally endorsed to the complete suite of policies so that in the event of a successful claim the underwriters will be legally obligated to settle the monies directly to that funder.

Nicholas Campanella, CEO of Sun Pacific Holding Corp, stated, “It is extremely gratifying to see the swift action by Invictus to secure the high level “A” Investment Grade underwriter support which will now help move the financing for our planned solar power project forward to its next stage. We have already located a well suited 200k sq ft property in Alabama that will meet all of our facility requirements and be able to produce over 1GW of solar panels per year for our customers. This project should become a cornerstone of the SNPW renewable energy business plan in the near future.”

About Sun Pacific Holding Corp.

Sun Pacific Holding Corp. (Other OTC: SNPW) uses management's knowledge and experience to serve its customers and now its shareholders through quality service and equipment, working to keep customers satisfied, and by doing our part in protecting the environment with smart green technology. For more information, visit www.sunpacificholding.com.

Safe Harbor and Forward-Looking Statements

This news release contains statements that involve expectations, plans or intentions (such as those relating to future expansion or financial results) and other factors discussed from time to time in the Company's OTC Markets filings. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. You can identify these forward-looking statements by words such as "may," "should," "expect," "anticipate," "believe," "estimate," "intend," "plan" and other similar expressions. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors not within the control of the company. The company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

IR Contact
Sun Pacific Holding Corp
345 Highway 9 South Suite 388
Manalapan, NJ 07726
Phone: +1 (888) 845-0242
Email: ir@sunpacificholding.com
Website: www.sunpacificholding.com

FAQ

What progress has Sun Pacific Holding Corp made in its solar manufacturing project?

Sun Pacific Holding Corp has secured non-binding support for a $50 million funding contract through Invictus and Lloyd's of London.

What is the significance of the insurance contract mentioned in the press release?

The insurance contract involves an 'A' Investment Grade rated underwriter, which adds credibility and security to the funding for the solar project.

Where is Sun Pacific Holding Corp's new solar manufacturing facility located?

The new solar manufacturing facility is located in Alabama, covering 200,000 square feet.

What is the expected production capacity of the solar manufacturing plant?

The plant is expected to produce over 1GW of solar panels annually.

What is the stock symbol for Sun Pacific Holding Corp?

The stock symbol for Sun Pacific Holding Corp is SNPW.