ANNAPOLIS, MD, Aug. 23, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Solar Wind Energy Tower, Inc.(USOTC: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, announced today the following business update.
The Company announced today that Ron Pickett, CEO, presented on behalf of Arizona Green Power, LLC an update to the Mayor and City Council of San Luis, AZ relating to the proposed Solar Wind Energy Downdraft Tower for San Luis.
Ron Pickett as managing member of Arizona Green Power, LLC reported among many items, the following highlights:
- The final design was completed earlier this year increasing the projected annual output from 3.7 million Megawatt Hours to 5.9 million Megawatt Hours.
- The estimated total cost of the project remains at $1.55 billion. The final design incorporates 3 turbines per tunnel (originally projected 2 turbines per tunnel) and the cost savings associated with reducing the number and length of the tunnels from sixty 300’ tunnels to forty 150’ tunnels offset potential project cost increases due to increased product and labor rates.
- The sellers of the land have agreed to cooperate with any necessary contract extensions to accommodate the financing to close.
- Arizona Green Power, LLC has been working with potential investors to fund the project now that the total estimated project costs and output has been determined.
- Arizona Green Power, LLC has engaged in preliminary discussions with potential Investment Tax Credit investors and brokers to form the Capital Stack for the project.
- Arizona Green Power, LLC has a “verbal” proposal for the financing of the project with conditions and is evaluating the proposal and pursuing options to meet the conditions.
- Arizona Green Power, LLC has had multiple meetings and information exchanges with the U.S. Department of Energy about potential assistance financing the project and that the DOE is very aware of the project and the project’s “potential”.
- Finally, the Company explained to the City Council that it was participating in a “pilot” plant to demonstrate the downdraft system. Pickett explained that he had visited the pilot tower on Monday this week and the construction tasks had been completed, the specially designed water pumping and spraying system had been fabricated and was on-site ready for retro fitting the stack and that the project should be complete and ready for testing by the end of this month.
Pickett thanked the City of San Luis for their continued support for the project, noting that the project has taken much longer than originally anticipated, but with their continued support the Company is totally committed to bringing the Tower to San Luis, Arizona.
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.
For more information, please visit:
http://www.solarwindenergytower.com, and https://www.facebook.com/solarwindenergytowerand https://twitter.com/SWETower and https://www.arizonagreenpower.com
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).