SOURCE: Solar Wind Energy Tower

February 09, 2015 08:00 ET

Solar Wind Energy Tower, Inc. Issues Update on Its Tower Projects

ANNAPOLIS, MD--(Marketwired - February 09, 2015) - Solar Wind Energy Tower, Inc. (OTCQB: SWET) (the "Company"), the inventor of large Solar Wind Downdraft Tower structures capable of producing abundant, inexpensive electricity, today issued an update on the development of its tower projects in Arizona, Mexico, and Chile.

Latest discussions with the Company's lender are moving towards 85% financing with much more favorable terms, including a lower interest rate. As announced last year, the Company is pursuing EB-5 financing as part of the capital stack which could enable the project to avail itself of the 85% construction / permanent financing program.

Recently an independent renowned economist completed an "Economic Impacts" report of the Company's Arizona Tower project. The report concludes that the impact of the project using IMPLAN guidelines is 19,588 jobs, $1 billion of labor income, $1.673 billion in value added contributions to the Gross Regional Product, and $2.8 billion in industry output or revenues within the study region. Following this report, a formal Business Plan was completed supporting $200 million EB-5 of financing.

Ron Pickett, CEO of Solar Wind Energy Tower, stated, "Management is vigorously pursuing the development activities necessary to make our first Tower Project a reality. We are aggressively pursuing Power Purchase Agreements and following up with timely responses as necessary. Moreover, we are now pursuing the required legal documentation to support the financing. This week our COO, Stephen Sadle and I will participate in a one day structured EB-5 seminar in Philadelphia to help in our endeavor."

Mr. Pickett added, "Every effort is being made to assemble all the pieces to develop our Tower projects and bring them to fruition. We are fully supporting all efforts being made on our project in Mexico, as well as providing support for our licensee in Chile and other potential global projects on the other side of the Atlantic. Rest assured, we'll provide a more in-depth update all projects as soon as we are able to."

About Solar Wind Energy Tower, Inc.
Founded in 2010, Solar Wind Energy Tower, Inc., and its wholly owned commercializing subsidiary, Solar Wind Energy, Inc., is the inventor of 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, and the Energy Generation Calculator software which can calculate and predict energy production of a Tower given a site's local weather data. The Company secured the site for its first Tower project in the U.S. in the City of San Luis, Arizona which may be ready for operation as soon as 2018. Under the most recent design specifications, the first Tower in San Luis, Arizona has a design capacity on an hourly basis of up to 1,250 megawatt hours, gross. The Company is also focused on licensing its development know-how and establishing partnerships at home and abroad to propagate Tower development projects in return for licensing fees for territories, development fees during construction, and recurring royalty fees based on the actual kilowatt hours produced by the Tower. Solar Wind Energy has assembled a team of experienced business professionals, engineering and scientific consultants with the proven ability to bring this solution to market.

The Company's core objective and focus is to become a leading enabler of clean, efficient renewable energy to world communities, at a reasonable cost, without the destructive residuals of fossil fuels, while continuing to generate innovative technological solutions to meet tomorrow's electrical power needs. Solar Wind Energy has filed and been issued patents that the Company believes will further enhance this potentially revolutionary technology. Solar Wind Energy Tower, Inc., based in Annapolis, MD, is traded on the OTCQB under the symbol "SWET".

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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:
    Solar Wind Energy, Inc.
    1997 Annapolis Exchange Parkway Suite 300
    Annapolis, Maryland 21401
    Phone: 410-972-4713