November 21 (Renewables Now) - New Jersey-based Sun Pacific Holding Corp (OTCMKTS:SNPW) has identified a funding partner for a project to build an over 40-MW solar park in Mexico jointly with Soluciones De Energia Diversificada Internacional (SEDI).
Sun Pacific, which plans to develop the scheme through its subsidiary National Mechanical Group (NMG), said on Wednesday it has already received preliminary terms for financing of up to USD 80 million (EUR 72.2m) and is proceeding with due diligence. Through the funds, it seeks to support the implementation of the so-called Durango photovoltaic project in which NMG and SEDI will own a 30% interest.
Financing for the project is expected to be finalised at the start of next year. A power purchase agreement (PPA) is already in place and key manufacturers have been selected.
Sun Pacific’s CEO Nicholas Campanella noted that the company will not conduct a reverse stock split and will wait to see the market reaction to its projects.
(USD 1.0 = EUR 0.903)