SOURCE: Solar Wind Energy Tower

December 21, 2015 08:00 ET

Solar Wind Energy Tower Project Investors to Benefit From Investment Tax Credit Legislation

ANNAPOLIS, MD--(Marketwired - December 21, 2015) - Solar Wind Energy Tower, Inc. (OTCQB: SWET) (the "Company"), the innovator and creator behind the Solar Wind Downdraft Tower structures capable of producing abundant, inexpensive electricity to meet the world's increasing demand, today commented on the significance of, and how its Tower Project investors may benefit from the Investment Tax Credit (ITC) legislation contained in the recently approved Congressional Omnibus Spending Bill, which was signed by the President on Friday, December 18, 2015. The Bill extends key federal investment tax credits for the renewable energy sector on the heels of the Climate Summit in Paris and the California Senate bill mandating 50% renewables for California by 2030. This $1.15 trillion federal spending bill will extend the life of the ITC's, which allows investors in solar projects to claim tax credits for 30 percent of the construction costs for projects that commence construction before 2020. The credits were previously scheduled to expire at the end of 2016.

Ronald Pickett, Chairman and CEO of Solar Wind Energy Tower, stated, "The approval of this bill is a significant development for SWET that provides huge incentives to our potential project investors. To be eligible for Solar Investment Tax Credits under the previous bill, projects had to be completed and operational by 12/31/2016. Now, under the new legislation, not only can our San Luis, Arizona project benefit from the full 30% credit available for this Tower project, but future Tower projects may benefit so long as construction commences by 12/31/2019."

Mr. Pickett continued, "Moreover, this bill allows us to seek up to a $300 million equity investment from investors who are eligible to take advantage of the Investment Tax Credit. The legislation allows investors to invest that amount in an eligible project and in exchange, receive a credit against their Federal Tax bill. For high income investors and development partners that are eco-conscious, looking to reduce energy usage and cost, and face a large tax burden, this is a significant incentive that can't be ignored. We are excited to bring this new opportunity to the attention of interested investors and potential development parties. Without a doubt this progressive legislation will accelerate and support the successful development of solar projects here in the United States."

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.

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.

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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 Tower, Inc.
    Phone: 410-972-4713