SOURCE: Solar Wind Energy Tower

June 29, 2015 08:30 ET

Arizona Green Power Provides Update on San Luis Tower Project

ANNAPOLIS, MD--(Marketwired - June 29, 2015) - Arizona Green Power LLC ("AGP"), a subsidiary of Solar Wind Energy Tower, Inc. (OTCQB: SWET), the inventor of large Solar Wind Downdraft Tower structures capable of producing abundant, inexpensive electricity, today is pleased to announce that its Managing Member, Ron Pickett, appeared before the San Luis, AZ City Council on Wednesday, June 24, presenting the following key developments and insights related to the progress and resulting benefits of the Arizona Tower project including:

  • Receipt of a Letter of Intent from the North American Development Bank ("NABD") to move forward with the due diligence process necessary to help finance the project. The Mayor introduced the project to the North American Development Bank back in March. Since then, NADB participated on a call and met with Pickett and National Standard Finance, LLC. It is confirmed that two financial institutions are comfortable combining efforts to finance the project;
  • Incorporation of a combined cycle natural gas "Peaking Plant" to the Tower facility that will utilize only four acres of the 960 acre Tower project site which borders a natural gas line. Confirmed by drawings and plant specifications prepared by a major international supplier of such facilities, this plant would have the ability to back-up shortfalls and potential outages associated with alternative energy production and provide confidence to the Power Purchasers that the Tower project could meet their needs during cool and/or humid conditions; and
  • Verified expert third party Economic Analysis completed that estimates the financial benefit to the region during the construction period would be in excess of $2.8 billion. The local school system would receive $3.2 million from the project in the first year of operations and a total of $40 million over 30 years. Under the Arizona tax code, residents would actually benefit directly from a reduction in their real estate tax bills

Ron Pickett, Managing Member of AGP, commented, "Our meeting with San Luis Mayor and City Council was part of a very successful two week road trip meeting with various Arizona State and local agencies and officials, both providing updates to some and introducing the project benefits to others. We would like to thank the Mayor for introducing the project to potential financier NABD, and his and the City Council's acceptance and endorsement of the inclusion of the Peaking Plant in the Development Rights Agreement, a move many have advised us is in the best interests of the project and future Power Purchasers."

Mr. Pickett added, "The newly identified benefits of this project to Arizona and the City of San Luis certainly exceeded our expectations, and should provide peace of mind to the city regulators and citizens that getting this Tower built in San Luis is a game changing economic, social and environmental initiative that will bring prosperity to many in the area now and for years to come."

Fox News covered the presentation and accompanied Mr. Pickett to the actual site to conduct an interview.

About Arizona Green Power LLC
Arizona Green Power LLC (AGP) has a license to the patented Solar Wind Downdraft Tower, which uses state of the art technologies and construction systems to produce abundant, inexpensive electricity, 24 hours a day, 7 days a week. AGP is developing its first hybrid solar-wind energy Tower in San Luis, Arizona that will be delivering economical "green" power to California-based utilities, government entities, as well as large industrial and commercial customers looking to increase their green-energy initiatives and reduce their carbon footprint. AGP electricity, pre-qualified as "renewable" by the California Energy Commission, will be delivered to future customers through their existing utilities. No capital investment or even change to where or how customers pay their electric bill or receive service and maintenance. Arizona Green Power LLC, a subsidiary of Solar Wind Energy Tower, Inc., is based in Annapolis, MD. For more information visit: www.arizonagreenpower.com or email info@arizonagreenpower.com.

Cautionary Note Regarding Forward-Looking Statements
Statements included in this release may constitute "forward-looking statements". Actual results may differ materially from those projected in forward-looking statements. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand and the Company's ability to obtain new contracts and accurately estimate revenues, if any, due to variability in size, scope and duration of projects, and internal issues in the sponsoring client. Further information on potential factors that could affect the Company's financial results, can be found in the Company's various filings with the Securities and Exchange Commission (SEC).

Contact Information

  • Contact:
    Arizona Green Power LLC
    1997 Annapolis Exchange Parkway Suite 300
    Annapolis, Maryland 21401
    Phone: 410-972-4713
    E-mail: info@arizonagreenpower.com