Solar Wind Energy Tower, the inventor of large Solar Wind Downdraft Tower structures capable of producing abundant, inexpensive electricity, announced today that after many months of working together to develop a world-class solar project in San Luis, Arizona that National Standard Finance, LLC, has conditionally agreed to joint venture with Solar Wind Energy Tower, Inc. to be the lead investor and co-owner in the recently announced Solar Wind Energy Tower project in San Luis, Arizona.
Under the proposed terms, National Standard would fund the purchase of the required renewable energy equipment and power station as well as pay for related development costs to become operational. National Standard will lease the equipment to Solar Wind Energy Tower, Inc. for a 20 year term. National Standard has developed with Solar Wind Energy Tower a financial plan that details the steps, conditions and requirements necessary to satisfy National Standard’s investment requirements for this project. These requirements relate to customary construction risks, operational risks and performance guarantees related to the sale of power long term to qualified buyers. Solar Wind Energy Tower is currently in negotiations to provide these milestones and project deliverables to advance the projects progress towards closing on the investment capital and lease. A definitive agreement has not yet been finalized between the parties.
Carl Johnson, Managing Director at National Standard, commented,
We have been working with and advising Solar Wind Energy Tower, Inc. for some time now, and we are thrilled with the most recent developments to secure the site and guarantee the necessary local entitlements to make this project a reality.
Jan Petrenko, Principal and Head of National Standard’s Energy Group commented,
National Standard is proud to be a part of the team to make this innovative game changing solution a reality that is unique in the renewable energy market.
Ronald Pickett, CEO, Solar Wind Energy Tower Inc. stated, “The entire team at National Standard has been extremely helpful throughout this process and provided innovative guidance to developing this project most effectively. We certainly value their advice and look forward to completing and satisfying the requirements to complete this renewable energy investment. We share their enthusiasm and salute their development efforts with us. The entire corporate Solar Wind Energy team along with our ‘Teaming Partners’ is working together to bring this solution to market”.
On April 11, 2014 the Company executed an option agreement to purchase a site encompassing over 600 acres of land within the City of San Luis, Arizona, which was later was recorded in Yuma County, Arizona. On April 23, 2014, the City Council of San Luis, Arizona approved moving forward with a “Development and Protected Development Rights Agreement” which would facilitate the development of the Solar Wind Energy Tower Project in San Luis.
On the evening of April 23, 2014, the City Council of San Luis, Arizona unanimously approved a “Development and Protected Development Rights Agreement” which guarantees the necessary local entitlements for development of the first Solar Wind Downdraft Tower in the City of San Luis, AZ. on the site under contract as announced last week. Having this agreement in place accelerates development enabling the project to produce electricity as early as 2018. The agreement was executed at the Council meeting by San Luis Mayor Gerardo Sanchez and Solar Wind Energy Tower CEO Ron Pickett.
ST Staff Writers
This post was prepared by Solar Thermal Magazine staff.