Sun Pacific Holding Corp. recently said its wholly owned subsidiary, Elba Power Corp., has executed its contract to purchase land in Elba, Alabama, for its Solar Manufacturing Property for $2.95 million.
Manalapan-based Sun Pacific also has 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-square-foot property.”
Campanella further added: “The state has approved an inducement resolution for $50 million 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.”