Green Planet Group has completed the first round of financing for its $1.2bn, 800MW pump storage hydroelectric project in US state of Arizona.

Alabama-based Porter Capital agreed to provide the funds to establish a security deposit which will lead to two additional large investments culminating in a total investment of $240m.

These investments represent approximately 20% of the total estimated cost to complete the construction of the plant.

Green Planet president and CEO Edmond L. Lonergan said the company has been through numerous problems and is now on the verge of becoming a very successful, green technology company.

"None of this would have been possible without Porter Capital’s help and ongoing support," said Lonergan.

"I am more convinced than ever, that Green Planet will grow and become a profitable and successful company."

Porter Capital has provided Lumea Staffing, a wholly owned subsidiary of Green Planet, a revolving line of credit of up to $5m for the past three years.

Green Planet Group engages in ongoing research and development to create products and services that enhance theenvironment.

Image: Green Planet Group will build a pump storage hydroelectric project with a capacity of 800MW in Arizona, US;