Green energy plant gets option in Macon – Business – Macon.com
the company’s plan would create 150 new jobs over five years.
NW Technologies, whose parent company, WINPRO Japan, already provides solar- and wind-powered energy in Japan and other parts of Asia, first asked for the option in October. However, delays in getting the required financial documents from the company postponed any vote.
Only after a third party recently was added to the deal did the authority have enough information to even consider the plan. Financials from that company, Almus International, were turned over to an accounting firm for analysis, but that did little to ease some concerns.
“There was really very little information on NW, but nothing negative,” said Russell Lipford of Clifton, Lipford, Hardison & Parker. “with the startup nature of the company, you expect little information.”
The third party in the deal, Almus, listed $3.6 million in sales in 2011 and reported $208,000 in net income in 2010. Properties committee Chairman Frank Amerson Jr, was troubled that Almus, a trading company, listed no real assets.
“to me, it’s not worth anything,” he said. “No equipment, no property, no machinery, no fixtures, no nothing.”
Lipford noted that “when they build a building on your property, their net assets will go up.”
Perhaps adding to the confusion is that the project is counting on investment through EB-5, a federal program that encourages foreign investment in exchange for visas. the project would be the first brought in through the program after an 11-county area was designated last March as the “Middle Georgia Regional Center” under the EB-5 program.
Grace Chu, NW Technologies’ head of marketing, said the company has $3 million lined up so far in foreign investors.
“If they’ve got that kind of money, they ought to pay for the land up front,” quipped Amerson.
The option charges the company a $2,500 fee while allowing the authority to nix the deal if not satisfied with progress after six months.
The first phase of the project would include a $5 million investment on 5 acres to build a manufacturing facility to build the solar and wind power generators. that phase would create 25 direct jobs and would be completed in 12 months.
Subsequent phases would add an energy farm and a research and development center for nanotechnology.
Authority Executive Director Maceo Rogers said federal funds should kick in to help the project once an investment level is met. the EB-5 program would give local economic developers another tool, so the project is sure to be watched closely.
“This could be the start of some things happening with the EB-5,” said Rogers.
To contact writer Rodney Manley, call 744-4623.
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