SNPW Wholly Owned Subsidiary Elba Power Corp Executes $2.95 Million Property Purchase Contract in Elba, AL for Solar Manufacturing Plant
04/05/2023 - 09:15 AM
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 $2,950,000. Sun Pacific has also obtained an inducement resolution from the state as well as 100% tax abatement on property sales and use tax.
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 $50 million dollars and a 100% tax abatement on sales and use tax which will save us millions of dollars for our equipment and development. Our insurance wrap allows us to offset the risk for our key funders.”
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Sun Pacific Holding Corp. (Other OTC: SNPW www.sunpacificholding.com
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