A green energy facility in Macon, Georgia is the latest project to seek EB-5 immigrant investor funds.
The Macon Telegraph reports that NW Technologies, which currently provides green energy throughout Asia, is seeking approval from the Macon-Bibb County Industrial Authority to build a $20 million wind and solar energy farm.
According to Associate Director of Operations Grace Chu, plans for the development would be completed in three phases in order to comply with EB-5 federal guidelines. The first would require a $5 million investment, with $1 million coming from NW and the rest from EB-5 investors. A manufacturing facility would need to be built to produce the solar and wind power generators, creating 25 direct jobs in the first phase of the project alone.
?We do have a set of EB-5 investors lined up as soon as we can get the green light,? said Rick Yi, chairman and CEO of the Georgia Development Commission and director of Middle Georgia Regional Center.
If approved, the energy project will be the first for the Georgia regional center since its designation in March.
The second phase of the project would involve creating the 15 to 20 acre farm itself,creating 50 jobs, Chu told the Macon Telegraph. Lastly, the third and final phase would involve building a research center costing another $5 million.
?Our goal is to use all $20 million to create new jobs,? Yi said. ?Money is scarce. We need to get the factory going. NW Technologies is facing back orders, a backlog, in Japan,? Yi said in comments to the publication.
According to the Telegraph, the authority could potentially reclaim the property should the facility be unsuccessful, but Cliffard Whitby, chairman of the authority?s properties committee, showed no shortage of enthusiasm in his comments to the Telegraph.
?This is an exciting project. It could go toward addressing some of the energy issues we have in this country,? he said.