Green Planet secures initial funding for 800 MW Pumped Storage Project

Source: Green Planet Group, Inc.

Green Planet Group, Inc. (OP:GNPG) announced that it has completed the first step of funding for its Pump Storage Project.

Porter Capital Corporation of Birmingham, AL agreed to provide the funds to establish a security deposit which will trigger two additional large investments culminating in a total investment of $240 million. These investments represent approximately twenty percent of the total estimated cost of $1.2 billion to complete the construction of this renewable energy, 800-megawatt hydroelectric power plant.

Green Planet wishes to publicly thank Ron Williamson, Executive Vice President, Salvatore Trupiano, Chief Operating Officer and Senior Vice President and Tonia Daniel, Vice President of Operations of Porter Capital for working with the Company to complete this first round of funding. Porter Capital has provided Lumea Staffing, a wholly owned subsidiary of Green Planet, a revolving line of credit of up to $5 million for the past three years. The total amount funded by Porter through this period exceeds $120 million. 

Edmond L. Lonergan, President/CEO stated, "As most of our shareholders know the Company has navigated through numerous problems and is now on the verge of becoming a very successful, green technology company. None of this would have been possible without Porter Capital's help and ongoing support." 
Lonergan continued, "I am more convinced than ever, that Green Planet will grow and become a profitable and successful company."



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs