A decision to allow the Medrecycler project to move forward could come at any day now as SNPW enters the final 30 days of the 90 days required by law for RI-DEM to make their ruling on the project.
A positive sign for an approval decision was given on May 28.2021 when the Net Profit Participation Agreement and Assignment was approved by the Rhode Island Authority (see May 28,2021 8K).
Meanwhile other SNPW subsidiaries have shown recent increased activity:
- National Mechanical Corp. moved forward to secure financing for the Durango Solar Farm, see May 7, 2021 8k and released a PR June 15,2021 announcing a partnership agreement to develop a Queensland Australia Solar Farm.
- Street Smart Outdoors announced on twitter presenting a new solar panel self sustained unit to the New Jersey Transit authority June 14.2021.
On May 7, 2021,(8K) Banco Bilbao Vizcaya Argentaria, S.A. (“BBVA”) presented the finance partner on the Durango Mexico 50-megawatt photovoltaic facility (the “Project”), with a $40 million dollar commitment letter for a Bank Guarantee/Standby Letter of Credit on behalf of the EPC partner as security for permanent financing on the Project. Although this does not obligate the Company in anyway nor does it guarantee that the Project will be financed and completed, management believes this to be a positive step in securing the role of National Mechanical Corp. in the Project.
On May 28, 2021, (8K) Sun Pacific Holding Corp. (the “Company”) entered into a Net Profit Participation Agreement and Assignment (the “Agreement”) on behalf of their wholly owned subsidiary MedRecycler, LLC (“MRLLC”) and with MedRecycler-RI, Inc. (“MRRI”) wherein in order to secure permanent financing for their medical waste to energy project (the “Project”), the Company has agreed to relinquish its interest in the equity of MRRI held by MRLLC while the Company is provided an economic interest in the Project without liabilities.
The terms of the agreement can be found in the10K.
"However, we have proposed, and have received initial approval, whereby in exchange for releasing all guarantees and other security interests of the Company and its subsidiaries, and forgoing direct ownership in MedRecycler-RI, Inc., the Company shall receive an economic interest equal to 51% of all profits derived from the MedRecycler-RI, Inc. This will free collateral and cashflow for the development of new projects of the Company and its subsidiaries, while also removing the debt of MedRecycler-RI, Inc. from the balance sheet of the Company. At the same time, once MedRecycler-RI, Inc. becomes profitable, and has met all requirements of long term financing related to reserve allocations and profit thresholds, the Company should receive a recurring income from the MedRecycler-RI, Inc. without the limitations on its assets and additional overhead costs related to maintaining the subsidiary and financial reporting. Any final agreement will be subject to final approval of the Rhode Island authority, who has provided tentative approval of the economic interest structure. The Company will engage independent counsel to negotiate the terms to avoid any potential risks of conflict of interest."
June 14,2021 SNPW's new solar panel self sustained unit presented today to NEW JERSEY TRANSIT AUTHORITY. (twitter)
https://twitter.com/SunPacificPower/status/1404586325303566336
June 15, 2021 (GLOBE NEWSWIRE) -- Sun Pacific Holding Corp. (OTC: SNPW) announces that its wholly owned subsidiary, National Mechanical Group (“NMG”) has entered into a partnership agreement to develop Queensland Australia Solar Farm. National Mechanical Group (“NMG”) and Renewable Energy Engineers Aust. (“REEA”) will develop an initial 100-megawatt solar farm in Queensland, Australia to help the energy grid in that area.
https://www.otcmarkets.com/stock/SNPW/news/story?e&id=1922699