WILMINGTON, N.C., Feb. 10, 2004 (PRIMEZONE) -- Green Power Energy Holdings Corp. (OTCBB:GPEH) is pleased to announce that it has closed a loan agreement with Hudson United Bank for an Eleven Million Dollar non-recourse loan facility. The loan is for a term of eight (8) years and repayment will be made from the cash flow available from Green Power's Kenansville, NC generating plant. Green Power also completed the purchase of the Kenansville plant from Cogentrix and paid off related bridge loans on the Kenansville plant as planned.
As a part of the loan agreement, Green Power granted Hudson United Bank the right of first refusal to monetize any federal tax credits that become available to the Kenansville plant.
Thomas J. Craig, Managing Director of United Capital (a division of Hudson United Bank), stated, "We are pleased to be associated with Green Power and look forward to a growing relationship in their ongoing development."
Wayne Coverdale, President of Green Power Energy Holdings Corp. stated, "The cost of this loan and repayment terms are well within our operating parameters of our projected positive cash flow. The proceeds of the term loan will enable us to proceed with the implementation of our business plan and evaluating the purchase of additional cogeneration facilities and associated transfer stations."
About Green Power Energy Holdings Corp.
Green Power Energy is a generator and wholesaler of electric power to electric utilities serving the retail electric market. Green Power Energy currently owns and operates a 38-megawatt cogeneration facility in Kenansville, North Carolina, which has governmental permits to burn a variety of fuels. Green Power also sells steam to an adjacent textile mill.
Green Power has relocated its executive offices to 130 N Front Street Wilmington, North Carolina 28401 and its telephone number is (910) 254-1490. The Company website may be located at www.gpeh.com.
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