ANNAPOLIS, MD, Nov. 05, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Solar Wind Energy Tower, Inc. (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, announces that the Investment Advisor to Arizona Green Power, LLC (AGP) has received a negotiated “Letter of Interest” to provide construction and long term 20 year financing for the Downdraft Tower project in San Luis, Arizona.
The Letter of Interest has contingencies attached. AGP and its Investment Advisor, Stevens Strategic Solutions, LLC (S3) are working together to address the contingencies which include, among other items, securing Investment Tax Credit investors for the project for $250MM - $300MM. The Company previously announced that the project would be eligible for up to approximately $350MM in equity contributions for which investors can receive $350 million credit towards their federal income tax due the year of the investment.
Larry Stevens, Founder of S3, commented, “S3 is excited to have been working with AGP and their team for the past several months. S3 has an extensive distinguished network of Private Equity Firms, Family Officers and other Joint Venture Partners that provide Debt/Equity solutions to our clients. S3 has several alternative funding programs outside of the normal banking process that allow us to create diverse funding packages for clients. We have a keen interest in solar and alternative energy solutions and we are excited to be involved with the San Luis Energy Tower project and hopefully, many more Tower projects to follow. The proof of concept recently demonstrated by the positive test results of the 400’ pilot tower greatly contributes to and clearly validates the Downdraft Tower’s capability of producing abundant, inexpensive electricity.”
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.
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).