NEW YORK NY / ACCESSWIRE / July 15, 2014 / Worldwide Internet, Inc. (OTC Pink: WNTR) announced today a shareholder update on its portfolio company Pamlico Energy Park, LLC.
Pamlico Energy Park LLC (“Pamlico”) has received is approval from the North Carolina Utilities Commission for the initial stage of 1 MW for the 5MW project to be located in Camden County, North Carolina. Pamlico has made the initial payment on the lease of the 30 acre property that will be used for the solar farm.
Pamlico has completed a Power Purchase Agreement with Dominion North Carolina Power Resources. Dominion Power recently announced that it had purchased 139MW of solar projects.
The financing of the project is through the Federal Investment Tax Credit for 30% of the project costs, the North Carolina Tax Credit for 35% of the project cost, in addition to depreciation and the sale of Renewable Energy Credits. The total 5 MW project when completed will be $10m.
The project is expected to be completed by September 30, 2014 and commence generating revenue in the fourth quarter of 2014.
Frank Kristan, President of Worldwide Internet, Inc. stated that:
"We are very pleased with our investment in Pamlico Energy. We have strong partners on this project will provide dividends for our shareholders and increase our asset base."
About Worldwide Internet, Inc.
Worldwide Internet, Inc. (OTC: WNTR) (www.wdhinc.com). The company is focused on making acquisitions of business operations and investments to create a diversified holding company.
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SOURCE: Worldwide Internet, Inc.