Solar Wind Energy Tower, Inc. (OTC PINK: 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 that it has negotiated and executed a fifth amendment to the original contract to purchase 640 acres of land in San Luis, AZ.
The agreement was executed between the four owners of the property and both Solar Wind Energy Tower, Inc. and Arizona Green Power LLC, established by the Company to develop the downdraft energy tower in San Luis, AZ.
The Purchase amendment follows a recent announcement that Arizona Green Power LLC had executed a Five Year Development and Development Rights Agreement with the City of San Luis, AZ to support the permitting and development of the downdraft energy tower on the site. The agreement with the City of San Luis also provides for a 50 year water supply agreement to support the water needs of the project.
Ron Pickett, CEO of Solar Wind Energy Tower, Inc. and Managing Member of Arizona Green Power LLC commented: "The signing of these agreements resolves a development issue that was potentially impacting the project. Both agreements were originally set to expire in 2017. The purchase amendment extended the outside closing date until December, 2018 and the agreement with the City will support a closing by December 2018 and up to three additional years of coverage during construction."
The following is a status update for the San Luis project:
- No additional deposits required to purchase 640 acre project site until closing.
- Closing can be extended until 2018
- Zoning approved
- Property ingress and egress in place.
- 50 year municipal water supply municipal agreement in place.
- Renewable Energy Portfolio Standard (REPS) pre-certification eligibility status received from California Energy Commission.
- Defined pathway for grid access.
- IT and proprietary software protection
- IMPLAN Study by independent consultant projects $2.8 billion economic impact for the region and the generation of 19,000 indirect jobs.
- Estimated up to 2,000 construction jobs and hundreds of skilled permanent jobs.
Estimates for the output of electricity at this site are 3.7 million megawatt hours/year. That same amount of electricity generated from fossil fuel based plants could consume 6.8 million barrels of oil, 29 billion cubic feet of natural gas, or 2 million tons of coal annually. The Solar Wind Tower can eliminate up to 3 million metric tons of CO2 discharge annually when compared to a fossil fuel fired facility.
The Company expresses its gratitude to both the City of San Luis, Arizona and the owners of the site for their confidence and continued support for this project.
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).