SOLAR WIND ENERGY TOWER, INC. Re-Announces Agreement to Accept up to $100 Million Additional Financing From Arizona Alternative Energy Center, LLC for San Luis
Resource from: Marketwired Likes:196
Jul 23,2014
Solar Wind Energy Tower, Inc. (SWET) (the "Company"), the inventor of large Solar Wind Downdraft Tower structures capable of producing abundant, inexpensive electricity, re-announced that its subsidiary, Arizona Green Power LLC, ("Greenpower") has entered into a Benefits and Services Agreement with Arizona Alternative Energy Center, LLC ("AAEC").
Under the terms of the Benefits and Services Agreement, AAEC will raise up to $100 Million Dollars of development capital for the San Luis, AZ Tower Project through the Federal EB-5 Visa Direct Investment Program which fuels hiring and economic growth in U.S. cities and in other counties. Greenpower will acquire the funding from AAEC in the form of a five year loan.
The United States Customs and Immigration Service (USCIS) administrates the Immigrant Investor Program, also known as "EB-5," which was created by Congress to stimulate the U.S. economy through job creation and capital investment by foreign investors. Almost all EB-5 investments have been in massive Regional Center Projects that involve hundreds of foreign investors and scores of millions of dollars. AAEC is a USCIS approved Regional Center (within the meaning of the EB-5 program) in Maricopa County, Arizona.
An investment made by the foreign investor must create at least 10 new American jobs over a period of two years. If successful, the investor receives their permanent green card. The U.S. Citizenship and Immigration Service sets aside up to 10,000 visas for immigrants investing $500,000 or more in Targeted Employment Areas (TEA) to create new jobs in American businesses and enhance the economy in and around cities such as San Luis, Arizona.
Solar Wind Energy Tower CEO Ron Pickett commented on the transaction, "This program is appealing on a number of levels. Not only are these funds from private sources as investments and are not government subsidies, but also these infrastructure investments are known to stimulate rapid stabilizing economic growth within the cities and counties where they are focused. Under the EB-5 program International investors bring capital into a county or city creating more direct and indirect jobs, which in turn, creates increased tax revenue".
Pickett further commented "When it was brought to our attention that this announcement, initially distributed last Monday, July 14th. was not picked up by many of our regular sources, we delved further into the issue and discovered an inadvertent change of wire services by our press release vendor to be the culprit. Given the significance of this event to the Company, the Arizona project and our shareholders, we felt it was necessary and appropriate to re-release this major achievement with greater distribution.
Moreover, having received some questions from shareholders on the details of the loan, it allows me to provide clarification. We would like to point out that this loan is for pre-development and development costs of the Arizona Project, and does not involve the issuance of shares or options for shares in our Company and, therefore, would be a non-dilutive event."
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'.
For more information visit http://www.solarwindenergytower.com, www.facebook.com/pages/Solar-Wind-Energy-Tower/ and www.twitter/SWETower.com.
(Marketwired)
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