SNPW Wholly Owned Subsidiary Elba Power Corp Executes $2.95 Million Property Purchase Contract in Elba, AL for Solar Manufacturing Plant
Sun Pacific Holding Corp. (SNPW) announced that its subsidiary, Elba Power Corp, has finalized a $2,950,000 contract to purchase a 200,000 sq. ft. property in Elba, Alabama, for solar manufacturing. The company has received a $50 million inducement resolution from the state and 100% tax abatement on sales and use tax, projecting significant cost savings. CEO Nicholas Campanella expressed optimism regarding the expansion of a 1.2GW solar products manufacturing plant, highlighting efforts to secure insurance wrap to mitigate investment risks. This strategic move indicates a commitment to growth in the renewable energy sector.
- Acquisition of a property for $2,950,000 to expand solar manufacturing.
- State inducement resolution of $50 million approved.
- 100% tax abatement on sales and use tax will save millions.
- None.
MANALAPAN, N.J., April 05, 2023 (GLOBE NEWSWIRE) -- Sun Pacific Holding Corp. (Other OTC: SNPW) announces that its wholly owned subsidiary, Elba Power Corp (“EPC”) has executed its contract to purchase the property in Elba AL for its Solar Manufacturing Property for the sum of
Nicholas Campanella, CEO of Sun Pacific Holding Corp, stated, “We are happy with our progress and work that we are doing with Elba Alabama and finding a property that will allow us to expand and grow our vision to build a 1.2GW solar products manufacturing and clean power generation plant.”
“We have been working diligently in obtaining our insurance wrap to protect our investment in the project as well as receiving state approvals and executed agreements to proceed with acquiring the 200k Sq. Ft. property.”
Mr. Campanella further added, “The state has approved an inducement resolution for
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.
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FAQ
What recent contract did SNPW's subsidiary sign?
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