MANALAPAN, N.J., Jan. 04, 2018 (GLOBE NEWSWIRE) -- Sun Pacific Holding Corp. (OTCQB: SNPW) is pleased to announce that it has signed a binding Letter of Intent (“LOI”) to acquire a 60-acre parcel of land. This acquisition will be acquired in the wholly owned subsidiary,
National Mechanical Group. Sun Pacific is executing on its plan to own, build and manage its alternative energy business segment.
National Mechanical Group will build the facility on the 60 acre parcel. Combining both solar power and wind turbines will optimize the alternative energy output of the land. In addition Sun Pacific Holding will utilize the same Blockchain Technology used in cryptocurrency transactions to increase the levels of efficiency. The alternative energy project can provide power to over thousands of homes. Using photovoltaic solar panels and high efficiency wind turbines and the added benefit of management by Blockchain Technology, the energy distribution will be streamlined to the benefit of both the consumer and the company. While crypto Blockchain Technology is relatively new to the energy industry it is already being utilized to streamline the process by matching energy distribution and pricing with demand in real time saving both time and costs.
“We are pleased to have this agreement to acquire this prime parcel of land to develop solar and wind power” says Mr. Nicholas B Campanella CEO and Chairman. “This acquisition will be an all-stock equity acquisition and adds to our expanding geographic footprint and overall strategy in the state of Rhode Island. With the recent energy initiative by National Grid and the state of Rhode Island green energy initiative, an effort which significantly broadens Rhode Island’s program, we want to be firmly established in the state and solidify our advantage in one of the largest markets in the United States.”
Renewable Energy Growth Program (REG Program)
The Renewable Energy Growth Program (REG Program) will support the development of 160 MW of distributed generation projects in Rhode Island between 2015 and 2019. Eligible technologies include wind, solar, hydropower, and anaerobic digestion.
About Sun Pacific Holding Corp.
Sun Pacific Holding Corp. (OTCQB: 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.
Safe Harbor and Forward-Looking Statements
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Source:Sun Pacific Holding Corp.