ANNAPOLIS, MD–(Marketwired – June 02, 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 issued an update on the development of its Tower projects in Arizona, Mexico, and Chile.
The Tower project in Arizona continues to move forward. Our subsidiary, Arizona Green Power, LLC will be launching its own new website to help facilitate the marketing of Power Purchase Agreements to large utilities, commercial and industrial customers throughout California. Moreover, management is currently working with an international banking facility in conjunction with National Standard Finance to augment the construction and permanent financing of the Tower. In a “show of support” the owners of the project site agreed to modify the option fee of $250,000 due on June 15, 2015 to $50,000 due on July 15, 2015, adding the $200,000 balance to the purchase price due at construction financing closing.
The Tower project in Mexico is contingent on the utility in Mexico agreeing to purchase the power which is now under consideration. The Company expects to receive a response from the utility authorities by mid-summer, which will then determine whether or not the project moves forward into negotiations.
As for Chile, the Company’s developer / licensee remains confident in his ability to successfully close the needed interim financing necessary to fulfill his license obligations to SWET.
In early March, Solar Wind Energy terminated its relationship with the Monsoon Global Group and its right to market /develop Tower projects in Rajasthan, India given the difficulties of the market. Since then, although management has had discussions with companies domiciled in India interested in its Tower technology, it has determined to conserve resources and not to pursue projects in India at this time and until another project is successfully underway.
The Company has been engaged for six months with a potential project developer in Kenya and is continuing to cultivate that relationship.
Solar Wind Energy Tower, Inc. relies on professional consultants and its executive staff for day-to-day operations. Business development, public relations and financing activities are handled primarily by the Company’s CEO, Ron Pickett. To complement financing and public relations efforts the Company has retained a well known and respected professional company to strategize the integration of public awareness of its alternative energy solution and facilitate the pursuit of a project financing partner. Management looks forward to this new relationship and has committed the time necessary to support these activities that are pivotal to successful execution of the Company’s business plan.
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”.