SOURCE: Solar Wind Energy Tower

February 17, 2015 08:30 ET

Solar Wind Energy Tower, Inc. Provides Update on Financing Initiative for Arizona and Mexico Towers

ANNAPOLIS, MD--(Marketwired - February 17, 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 in response to recent press and shareholder inquiries, provided an update on their financing initiative for Tower Projects in Arizona and Mexico.

Although physically located in Arizona, the San Luis Tower will be providing most of its power to California facilities. Development financing is conditional upon the Company obtaining satisfactory Power Purchase Agreements (PPAs) with durations of 20 - 25 years, which is common in the industry. Price, escalations, and location are dominant factors. The California Energy Commission has designated the Company's power as eligible for its Renewable Portfolio Standard. Once built, power from the AZ Tower will qualify for Renewable Energy Credits to be "bundled" with Megawatts and provide incentives for purchasers to "Buy Green" from the Company.

As for the Mexico Tower, The Company has proposed to sell its power to Comisión Federal de Electricidad, (the national electric company), because the government of Mexico recently passed new energy policy laws targeting 30% alternative energy and encouraging the purchase of alternative energy from private developers. These new policy and regulatory changes create an immediate opportunity to develop alternative energy sources for this region. The Company has also agreed to provide power to the city of San Luis Río Colorado, Sonora, Mexico.

Ron Pickett, CEO of Solar Wind Energy Tower, stated, "As mentioned in several announcements, conference calls and is included in the Company's related SEC filings, securing financing is highly crucial to the development of our AZ Tower project. 

"Both Apple and Google announced last week that they had entered into long term PPA's for alternative energy for their facilities, it's important to note that those PPAs are set to begin late next year, and our AZ project is estimated to be delivering power in 2018.  

"California is a prime market for our power sales and we are actively pursuing PPA's through several channels including, government RFP's, many public utilities, as well as a vast variety of California corporations and organizations focused on reducing their carbon footprint! This is an exciting time for our Company and we feel like the Company is poised to make great strides in the months to come."

Mr. Pickett went on to say, "Some have requested further understanding about our Financing Options for the Tower Projects. The 85% option (15% equity/guarantee) is available for both the Arizona and Mexico projects. There are slightly different requirements relating to the equity / guarantee, but the desired outcome for both would result in what we currently 'pro-form' as an estimated $60 million savings per year for the first 5 years and similar amount of savings each year during the ensuing 20 years as the loan is amortized." 

Mr. Pickett added, "Boasting a small footprint compared to other wind or solar solutions and with a much lower capital cost per Megawatt, our alternative solar wind downdraft tower technology can truly impact the production of and investment in clean energy. The Company's team of highly qualified professionals and consultants is focused every day on assembling all the parts necessary to close the financing and ensure the development of our first Tower. Significant strides in the pursuit of strategic partners and purchasers of power for both the Arizona and Mexico projects are made daily. We look forward to the issuing the next update on our progress. In the meantime, we encourage any and all of those interested in AZ, Mexico and/or licensing opportunities to contact us directly."

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'.

For more information visit:
http://www.solarwindenergytower.com, and https://www.facebook.com/solarwindenergytower and https://twitter.com/SWETower

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
    E-mail: Info@swetower.com