SCOTTSDALE, Ariz., Aug. 5, 2011 (GLOBE NEWSWIRE) -- Green Planet Group, Inc (OTCBB:GNPG) announced today that it has filed a Form 8-K with the Securities and Exchange Commission detailing the strategy for acquiring Arizona Independent Power, LLC (AIP). Green Planet acquired AIP for one million shares of common restricted stock, a contingent Note payable of $2 million, paid when the initial investment is received and a second Note payable of $9 million when that Federal Energy Regulatory Commission (FERC) issues the license to construct and operate this Pump Storage project.
In general, pump storage projects needs to generate large capacities of electric power to be considered viable and are multiyear major construction projects. The Green Planet pump storage project will have a maximum generating capacity of 800 Mega Watts and a total design and cost of approximately $1.2 Billion. The proposed system has a 1,200 ft height difference between the upper and lower reservoirs so that when this system is producing electricity, it equals approximately one third of the output of the Hoover Dam.
This project will be funded primarily through both selling equity in the project and debt financing. Green Planet is currently in discussions with multiple investors that have an interest in providing the capital to complete this project. This financing strategy does not dilute the current equity of Green Planet shareholders and therefore management believes that this project should significantly increase shareholder value.
Edmond L Lonergan, President/CEO, stated, "This exciting project will have a profound impact on Green Planet's bottom line and will also help Arizona to increase jobs and grow its industrial base."
About Green Planet Group
Green Planet Group, Inc. (OTCBB:GNPG) is based in Scottsdale, Arizona and engages in ongoing research and development to create products and services that enhance our environment. The Company's revenues are currently derived from the production and distribution of fuel-based energy conservation and clean-air products, as well as through the placement of members of the growing ranks of the unemployed into meaningful "green collar" careers. For additional information, please visit www.greenplanetgroup.com.
SAFE HARBOR: Certain information included herein may contain statements that are forward looking, such as statements relating to plans for future expansion and other business development activities. Such forward-looking information is subject to changes and variations which are not reasonably predictable and which could significantly affect future results.