SOURCE: Solar Wind Energy Tower

July 27, 2015 08:30 ET

Solar Wind Energy Tower, Inc. Selects Elpetra Industries as Representative to Pursue Energy Tower Development in Kenya, Africa

ANNAPOLIS, MD--(Marketwired - July 27, 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 re-announced that on July 18th, 2015 (“Effective Date”), the Company entered into a Memorandum of Understanding (“MOU”) with Elpetra Industries Co. Limited in Nairobi, Kenya East Africa (“Elpetra”) to pursue the finance and development of its thermal downdraft Towers Facilities (“Tower Facility”) in Kenya. The purpose of this announcement is to clarify the correct spelling of (“Elpetra”) as it appeared in the Company’s release of July 20, 2015.

Elpetra is able to finance, construct, and place in operation such Tower Facility, subject to obtaining necessary consents and approvals and other pre-development activity. Moreover, the developer has already identified potential suitable sites as well as offtake customers in the region.

The agreement signed between the parties’ sets forth specific terms for SWET to receive development fees and royalties from Tower project (s) in Kenya, while allowing Elpetra a 6 month exclusivity period to fully evaluate and vet a specific site identified for the first Tower Facility. Each facility is estimated to have an installed capacity rating of up to 1,250 megawatts.

Ron Pickett, CEO of Solar Wind Energy Tower, commented, “The Company has been in discussions with Elpetra and two other potential developers since last fall – focused on the Lake Turkana region of Kenya, an area the Kenyan government has targeted for energy projects. We have evaluated this site and deemed it adequate to support a Tower project. East Africa needs energy to develop its resources. International organizations and banks are committed to assisting African nations to develop infrastructure projects and energy development is essential.”

He continued, “Elpetra was ultimately chosen as our development partner given their strong track record, identified potential customer pipeline and ties to various financing opportunities. Upon the completion of strategic development milestones, SWET and Elpetra may enter into a long-term agreement where they will have exclusive use of all of our technology, patents, trade secrets, and development know-how, together with technical support, project management and long-term operations and maintenance services to ensure the successful development and utilization of Tower Facilities in the region. ”

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