MANALAPAN, N.J., Nov. 20, 2019 (GLOBE NEWSWIRE) -- Sun Pacific Holding Corp. (Other OTC: SNPW) announces that its wholly owned subsidiary, National Mechanical Group (“NMG”) in partnership with Soluciones De Energia Diversificada Internacional, S.A.P.I. (“SEDI”), a subsidiary of Blissful Holdings, LLC, has identified, received preliminary terms, and is proceeding with due diligence including a site visit in December with a project funding source/partner in support of its partnership with SEDI to build and develop the Durango, Mexico Solar Farm Project. The proposed project funding would be for up to $80 million in capital to build a 40 plus megawatt solar farm in which NMG and SEDI would own a thirty percent equity interest in the completed project.
The current partnership was established to co-develop a 10 to 40 plus megawatt solar farm in Durango, Mexico utilizing the partners’ respective expertise and industry knowledge. The first milestone in this project was the execution of land’s rights and power purchase agreements. The second milestone was the selection of key manufacturers. The third milestone has been to identify a project funding source/partner and commence due diligence with a target for closing on financing in early 2020.
Nicholas Campanella, CEO of Sun Pacific Holding Corp, stated, “We are very pleased that we have identified and are starting due diligence with a potential funding source/partner for the project in Durango, Mexico. We look forward to working with them as they move through their underwriting, analysis and site visits. At Sun Pacific a key strategy for us is to identify opportunities and build partnerships that can allow us to utilize creative financing alternatives to build value for our stakeholders through the management and/or equity or profit sharing arrangements in those partnerships.”
Mr. Campanella further added, “While we diligently evaluate and work on new ways to build stakeholder value, we would like to reaffirm that, at this time, the company is not undertaking a reverse stock split and prior to such action we would inform our stakeholders. We continue to wait and watch to see how the market reacts to how our various projects evolve to determine if and when the need for such an action might be appropriate. We believe that by focusing on our subject matter expertise and relationships to develop green energy projects with various contributing partners that we can enhance value for all of our stakeholders.”
The company looks forward to keeping its stakeholders aware of the progress of our partnership in Durango, Mexico, along with its other developing initiatives in clean energy solutions.
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.
About Blissful Holdings LLC.
Blissful Holdings is a company whose specialty is the development of sustainability focused projects in all their forms and also represents international companies that provide high-value products and services. Blissful Holdings’ intent is to have a positive impact on society, government and the environment. For more information, visit www.blissfulholdings.com.
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