Paul Turner, CEO of Nacel Energy, said: “The closing of a long term funding agreement is a timely and welcome occurrence as we finish our preparatory work leading to an expected formal RFP bid submission this Spring for our 20MW Snowflake Arizona wind power generation project.”

Last week, the company executed and delivered, pursuant to a private placement, a $300,000 convertible promissory note in exchange for the investor’s execution and delivery of a $300,000 secured and collateralized promissory note to the company.

This is said to be the first of a series of transactions between the company and the investor that may occur over the next several years, and which, if fully funded, is expected to provide the company with funding aggregating up to $4.3m.