ANNAPOLIS, MD--(Marketwired - December 17, 2014) - Solar Wind Energy Tower, Inc. (SWET) (the "Company"), the inventor of large Solar Wind Downdraft Tower structures capable of producing abundant, inexpensive electricity, today announced an update on its Tower Projects in San Luis, Arizona and in San Luis Rio Colorado, Sonora, Mexico including the extension of Agreements for both Tower sites.
As announced on October 2, 2014 the Company entered into a "Letter of Understanding" to purchase a 1,250 acre site from a private land owner in San Luis Rio Colorado, Sonora, just across the border from its first tower site in San Luis, Arizona. The Company's executed "Letter of Understanding" with the private land owner calls for definitive documents covering specific purchase terms and is subject to the following two conditions:
The First Condition: calls for the provision of all of the necessary entitlements and a Water Supply Agreement to support the operation of the Tower.
The Second Condition: calls for assistance in securing the necessary Power Purchase Agreements (PPA's) in support of the financing for the Tower Project.
Over the past few months, the Company has worked very closely with city officials from San Luis Rio Colorado, Sonora Mexico who have committed to provide all of the necessary entitlements and water supply to operate the Tower in Mexico, and are assisting the Company in securing the necessary Power Purchase Agreements.
The Company has been very pleased with the development efforts so far and in turn, has agreed to extend the Agreement for an additional 6 months until June 30, 2015 for the landowner to satisfy the Second condition prior to moving forward with the Tower's development.
As announced on April 24, 2014 the Company executed an Option Agreement on April 11, 2014 to purchase a site encompassing over 600 acres of land within the City of San Luis, Arizona for the First Tower site, which was later recorded in Yuma County, Arizona. On April 23, 2014, the City Council of San Luis, Arizona approved moving forward with a "Development and Protected Development Rights Agreement" which would facilitate the development of the Solar Wind Energy Tower Project in San Luis. This Option to purchase the site in San Luis, Arizona has also been extended.
Ron Pickett, CEO of Solar Wind Energy Tower, commented, "We continue making advancements in the execution of our business model and long-term growth plan including identifying and securing global licensing partners in regions that are environmentally and economically viable, and in need of new renewable energy technologies and investment. Our Arizona Project remains on track with the development and financing as previously reported. While we remain equally active in the pursuit of our Tower Project in Mexico, we also understand that to fully develop and finance the Tower to the correct specifications, certain conditions within the agreements must be met including the securing of PPAs. Although the process may seem extensive, I assure you, it is the standard procedure to get an energy resource of this magnitude built. We are optimistic these conditions will be met in the timeframe allotted, and we will update the public when they are fulfilled."
Mr. Pickett added, "The combined efforts of many will result in our Tower becoming a proven and reliable and affordable renewable energy source. Transparency to the public, to shareholders and to the industry, is a top priority for our management team. We look forward to providing the next update and to sharing our successes with investors and the investment community in 2015 and beyond."
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, http://www.facebook.com/pages/Solar-Wind-Energy-Tower/
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).