Solargen courts Asian investors in push to finance project

[XemaSab]

The company proposing to build a 420-megawatt solar farm in southern San Benito County in recent months has developed several ties with Asian investors in its efforts toward raising the necessary capital to get the project approved by the end of the year.

Most recently, Solargen Energy's chief executive officer has been in China recruiting potential investors through the federal immigration EB-5 program. It allows foreign financiers and their families an opportunity for green cards and permanent residency by investing at least $500,000 toward development of jobs in designated high-unemployment areas such as San Benito County.

Its most recent quarterly report released in March also recognized that to this point Solargen has one "binding preliminary panel supply agreement," with a Taiwanese company called NexPower, to manufacture up to 50 percent of the farm's solar panels.

A third connection to the East - which showed up in its annual report released in December - is that Solargen lists its second-largest shareholder as Taiwan-based UMC Capital Corp, which owns about a 17 percent stake in the corporation.

http://www.freelancenews.com/news/265992-solargen-courts-asian-investors-in-push-to-finance-project

[Dead_Parrot]

1. So, they're selling visas while off-shoring the actual production?

Hmmm. There was a thread recently about solar producers finding new niches to stay profitable: This must be one of them. Very entrepreneurial.

[XemaSab]

2. Exactly

I'm frankly not sure how this is legal.

[pscot]

3. And because of the ownership stake

seventeen dollars out of every hundred paid on an electric bill ends up in China. Hey, it's a trifecta. Every orifice is being exploited.