Sun Pacific Power receives underwriter support for $50M funding of U.S. solar manufacturing plant

Sun Pacific Power‘s upcoming solar power project is moving forward, according to a Tuesday announcement from its parent company, Sun Pacific Holding Corp.

Invictus, which has provided an insurance wrap for $50 million to its solar manufacturing plant through Lloyds of London, said it has identified and secured the nonbinding support of one of the leading insurance practitioners on its preferred panel of “A” Investment Grade Credit Rated underwriters.

According to the Manalapan solar company’s announcement, 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 said 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.

“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 200,000-square-foot 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,” Nicholas Campanella, CEO of Sun Pacific Holding Corp., stated.