Back on Tuesday, Sun Pacific Holding Corp (OTCMKTS:SNPW) made a significant announcement with regards to its fully owned subsidiary company National Mechanical Corp and that was possibly the reason why its stock rallied by 45% yesterday. The company had announced that National Mechanical Corp signed a partnership agreement with the Renewable Energy Engineers Aust for the purpose of developing the Queensland Australia Solar Farm. It is a major development for the company and it is no surprise that the stock jumped after the announcement.
As per the provisions of the agreement, National Mechanical Corp is going to work on developing a solar farm with an initial capacity of 100 megawatts in the state of Queensland in Australia. The purpose of this solar farm is to assist the energy grid that is already located in the area. In light of the gains made by the Sun Pacific stock this week, investors could consider keeping an eye on the stock for the rest of the week.
Market Reaction:
On Wednesday, SNPW stock closed higher by 45.33% to $0.0480 with more than 35.39 million shares, compared to its average volume of 9.34 million shares. The stock has moved within a range of $0.0350 – 0.0480 after opening the trade at $0.035.
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