Green Planet Group Inc. has completed the first round of financing for its $1.2 billion, 800 MW Pump Storage hydroelectric Project in Arizona.
Alabama-based Porter Capital Corp. 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 percent of the total estimated cost of construction.
Green Planet Group acquired the project in August 2011 when it purchased Arizona Independent Power LLC.
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