Porter Capital Provides Financing to Green Planet Group
Green Planet Group, Inc. announced that it has completed the first step of funding for its Pump Storage Project. Porter Capital Corporation 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 20% of the total estimated cost of $1.2 billion to complete the construction of this renewable energy, hydroelectric 800 megawatt power plant.
Green Planet, in a press release, said it wished to publicly thank Ron Williamson, EVP, Salvatore Trupiano, COO and SVP and Tonia Daniel, VP 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.”
Green Planet Group, Inc. engages in ongoing research and development to create products and services that enhance our environment.
Porter Capital Corporation, founded in 1991, is part of The Porter Capital Group, headquartered in Birmingham, AL.