$SNPW Nov. 15, 2022 (GLOBE NEWSWIRE) -- Sun Pacific Holding Corp. (Other OTC: SNPW) announces that its wholly owned subsidiary, Sun Pacific Power (“SPP”) is pleased to report on important progress on the company’s previously announced contract with Invictus to provide an insurance wrap for a $50 million-dollar funding of our planned US based solar manufacturing plant through Lloyds of London. After a process of detailed due diligence on the project, Invictus has identified and secured the non-binding support of one of the leading insurance practitioners on its preferred panel of "A" Investment Grade Credit Rated underwriters.
Operating within the Lloyd's of London insurance market, the contract certainty, experience, knowledge, and market reputation of this underwriter are beyond reproach. Through a process of coinsurance, the lead underwriter will issue the proposed suite of insurance policies and be the single point of contact for all correspondence and documentation to manage all claims, endorsements, and renewals. Invictus confirms that the preferred funding partner(s) will be formally endorsed to the complete suite of policies so that in the event of a successful claim the underwriters will be legally obligated to settle the monies directly to that funder.
Nicholas Campanella, CEO of Sun Pacific Holding Corp, stated, “It is extremely gratifying to see the swift action by Invictus to secure the high level “A” Investment Grade underwriter support which will now help move the financing for our planned solar power project forward to its next stage. We have already located a well suited 200k sq ft property in Alabama that will meet all of our facility requirements and be able to produce over 1GW of solar panels per year for our customers. This project should become a cornerstone of the SNPW renewable energy business plan in the near future.”
