SOURCE: Solar Wind Energy Tower

July 07, 2015 08:30 ET

Solar Wind Energy Tower, Inc. Provides Update on Mexico Tower Project

Tower Development and Water Permits Formally Extended to June 30, 2016

ANNAPOLIS, MD--(Marketwired - July 07, 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 announced that its operating subsidiary, Solar Wind Energy, Inc. has executed an extension of its right to purchase a site in San Luis Rio Colorado, Sonora, Mexico, which will support up to two energy Towers. The Mexico site is located approximately 6 miles from the Tower site in San Luis, Arizona and experiences identical climate conditions allowing both to use the same development plans and equipment.

In order for the Tower(s) to be developed in Mexico, the national utility "Comision Federal de Electricidad" must sign a long term Power Purchase Agreement with the Company. Solar Wind Energy formally introduced the project to the commission and presented preliminary project data and specifications to the commission earlier this year. The seller of the land, anticipating an upcoming meeting to discuss the specifics of the project, offered a free contract extension through June 30, 2016 to close on the sale.

On June 30, 2015, the City of San Luis Rio Colorado supplied a support letter that extended their previous approvals to permit the project and supply the necessary water to the project for 50 years. The previous approvals were set to expire June 30, 2015 and have now been formally extended to June 30, 2016.

Ron Pickett, CEO of Solar Wind Energy Tower, commented, "On June 24th I personally met with the government liaison for the San Luis Rio Colorado project. In our meeting I was provided with a thorough project status update and an explanation that recent delays were unavoidably related to new energy policies and elections. After that meeting, it was clear that the Tower project remains viable in San Luis Rio Colorado. We're pleased to continue to move forward after receiving formal extensions from the property owner and local government. The date set for ground breaking if the utility decides to move forward is now June 30, 2016. We are encouraged by the cooperation of all concerned parties and look forward to securing the PPA needed to support the financing of this project."

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