Solar Wind Energy Tower has closed a deal to provide $600,000 in pre-development land costs for the San Luis, Arizona Tower Project.
The deal also includes a commitment for an additional $300,000 for pre-development costs, as well as an agreement to defer up to $450,000 in land deposits until closing on the project.
SWET said the capital was achieved through the sale of an interest in its subsidiary, Arizona Green Power.
The sale of an interest in Arizona Green Power was based on an initial total valuation of $22,500,000 for the project, and not from the sale of shares of stock in the company, SWET said.
Following the deal, SWET retains ownership of the remaining 96% interest in Arizona Green Power.
Image: Solar Wind Energy downdraft tower (SWET)
Solar Wind seals Arizona deal
Finance secured for pre-development land costs at San Luis tower project
By EBS