ANNAPOLIS, MD--(Marketwired - Oct 20, 2014) - 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 subsidiary Arizona Green Power, LLC, the owner/operator of the San Luis Arizona Energy Tower project, has submitted an application form CEC-RPS-1to the California Energy Commission for Renewable Portfolio Standard "RPS" Precertification, filed as a not yet commercially online facility using renewable fuel, seeking an initial evaluation for compliance as to eligibility for the RPS.
Renewable facilities that are under development and not yet commercially operational using renewable fuel may seek "precertification" with the understanding that the Energy Commission will verify the information submitted in the pre-certification application once the facility has been completed. Moreover, it will evaluate this information under the Renewable Portfolio Standard RPS Eligibility Guidebook that is in place when the facility applies for RPS certification.
Under California's Renewable Portfolio Standard (RPS) statues, all sellers of electricity in California, including publically owned utilities, investor owned utilities, electric service providers, are required to produce a portion of their electricity retail sales from eligible renewable resources to meet the following goals: 20 % by the end of 2013; 25% by the end of 2016; and 33% by the end of 2020. Procurement from a renewable facility cannot be counted toward a utility's RPS obligation unless that facility has been certified as RPS-eligible by the California Energy Commission.
Ronald Pickett, CEO, Solar Wind Energy Tower, Inc. commented, "There are mandates in place in California to purchase alternative energy from producers. Even though we are located in AZ and will clearly be producing alternative energy, this formal application for pre-certification was necessary because it allowed Arizona Green Power to participate in formal responses to requests for proposals (RFP's) for alternative energy power purchase agreements (PPA's) within California. This is another step forward for the Company, in conjunction with its consultants and teaming partners, in the aggressive pursuit of PPA's and getting this Tower project into the construction phase by 2015."
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'.
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).