Vasari Energy to offer $5 million in preferred stock paying 7% to raise money for solar site acquisition
Written By: Stratton Report
December 13, 2016
On December 13, Vasari Energy, Inc. announced that the firm is offering preferred stock under Regulation D 506(c) of the Securities Act solely to accredited and institutional investors.
Vasari Energy will offer up to $5 million in shares at $1 a share on the 7% preferred stock offering.
The company intends to use the proceeds from the offering for the acquisition of purchase rights and technical feasibility studies for potential solar power plant site locations, corporate debt obligations, working capital, financing of possible acquisitions, capital expenditures and business expansion.
Steven Smith, VP of Investor Relations at Vasari Energy remarked:
“We are very excited to announce this unique opportunity for investors to participate in the rewards of our country’s vast growth in clean energy.”
Vasari Energy stressed that it is currently reviewing potential solar energy projects that would have an estimated power potential of 200-MWs in California, Arizona and Texas, with a build out value of approximately $280 million. The firm noted that it aims to reach operating capacity of 700-MWs by the end of 2020; however in order to acquire the land necessary to build any solar power plants and then build the power plants, Vasari Energy must raise substantial funds.