ANNAPOLIS, MD, Oct. 04, 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 that it has been notified that the California Energy Commission has reviewed the Company’s amended application for the planned San Luis Energy Tower submitted on behalf of Arizona Green Power LLC and determined that it is eligible for RPS precertification under the criteria specified in the Renewables Portfolio Standard Eligibility Guidelines, Ninth Edition. The planned facility has an identified total nameplate capacity, measured in alternating current of 1950 MW and an anticipated commercial operations date of December 31, 2021.
The Company recently announced a new patent filing, completion of the projects final design specs, and that it has field tested to verify the actual energy consumption required to lift the water for the project resulting in a significant increase in annual energy production. The project now estimates it will be able to produce 5,900,000 Megawatt Hours annually to supply to the grid versus the 2017 estimate of 5,000,000 Megawatt Hours annually.
Also, as previously reported, but worth restating...….The final production output estimates are the result of decreasing the number of wind tunnels and increasing the turbines in each tunnel from 2 to 3. Reducing the number of tunnels from 60 to 40 dramatically increased the wind velocities in each tunnel. As velocity doubles, the kinetic energy available is cubed. The increased energy available in each tunnel paved the way to add the third turbine. The Company has known the available energy created by the tower structure, but it was the interfacing of the meteorological data in the Tower with the aerospace/aerodynamics of the resulting wind in the tunnels, combined with utilizing excess hydraulic pressure to pump the water, along with the field test, that verified reduced energy consumption that determined the final total capacity design.
Originally, the Company planned to target California utilities as the primary purchasers of the energy generated by the San Luis, Arizona facility. After additional consultation with industry experts, as well as discussions with actual potential off-takers, it is now clear that the market for power purchase agreements has expanded significantly from original assessments. Companies interested in promoting green initiatives as well as companies with significant power requirements for the foreseeable future are committing to purchase alternative energy for their own use as well as to resell to hedge future costs. In addition, recently California passed legislation that has been signed into law that increases the state’s mandate for power that meets its Renewable Portfolio Standard as certified by the California Energy Commission from 50% by 2030 to 60% by 2030 and 100% by 2045.
On November 6, 2018, the citizens of Arizona will vote on Arizona’s Proposition 127, the initiative that would require power companies to derive 50 percent of their electricity from renewable sources by the year 2030. The Company is awaiting the outcome of the upcoming referendum and has its expert consultant ready to assess the power purchase market again in November.
Ron Pickett commented, “This is a very exciting time for the Solar Wind Energy Downdraft Energy Tower solution to come to market. We hold the keys to the largest capacity solar generating solution in Arizona, and we are also precertified to sell into California. We will produce reliable and predictable amounts of clean solar energy well after the sun sets, as well as lesser but predictable energy throughout the night time hours. The final designs and patented processes, combined with validation now being recorded by our pilot show that a significant increase in energy will result over initial calculations.
A full professional report will be compiled encompassing the test pilot facility results addressing various performance aspects. Continued testing was conducted earlier this week and further testing and documentation is on schedule for next week.
We believe that the San Luis Tower can deliver green power at a price competitive with traditional fossil fuel generating facilities and at the best price in the region for solar power. We are in the process of expanding our consulting team to assist with the procurement of Power Purchase Agreements (PPA’s) as well as with that of Investment Tax Credit Investors.”
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/solarwindenergytower and 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).
Contact:
Solar Wind Energy Tower, Inc.
Phone: 410-972-4713
E-mail: info@SWETower.com