Solar Wind Energy Tower, the innovator and creator behind the Solar Wind Downdraft Tower structures capable of producing abundant, inexpensive electricity to meet the world's increasing demand, today announced that given California's recent legislation requiring energy companies to buy 50% of their power from renewable sources by 2030, the Company and its a wholly owned subsidiary, Arizona Green Power LLC (AGP), are diligently pursuing the California energy market through the compliance process that will enable us to aggressively pursue Power Purchase Agreements (PPA's) for long term supply of power to accredited purchasers, which will support the financing of the project in San Luis, Arizona.
As previously reported, the Company has been issued the California Energy Commission (CEC) Pre-certification Approval, which determined that the power derived from the San Luis project was eligible for California's Renewable Portfolio Standard (RPS). This status allows potential purchasers' access to a number of credits and financial incentives only available when renewable energy is purchased. According to numerous studies, California's RPS standard has created hundreds of thousands of new jobs, millions of new investment and tax dollars, and significant clean air and climate benefits.
Ron Pickett, CEO of Solar Wind Energy Tower, commented, "Currently, energy utilities are striving towards building enough energy resources to meet the current 33% RPS before the target year of 2020. This new legislation, which increases the RPS to 50% by the year 2030, is monumental for California's energy market -- and what we see as a catalyst event for our company and others with RPS status. The 50% renewable energy standard will be implemented by the California Public Utilities Commission for the private utilities and by the California Energy Commission for municipal utilities, as per current law."
Mr. Pickett added, "Given the new standards set forth, demand for approved renewable energy sources will naturally increase. We find ourselves, SWET and AGP, in the right place at the right time. Equipped with the California Energy Commission precertification/designation AGP can now to move forward with marketing efforts which include responding to requests for proposals (RFP's) for alternative energy power purchase agreements (PPA's) and submitting unsolicited proposals to utilities and private companies within California. Our Long term agreements (20-25 years) will guarantee the income from power sales. The contracts will be assigned and revenue generation from the contracts will then be pledged to the lender financing the project. This is a significant step in the continued development of the AGP Tower Project in San Luis, Arizona."
Source: Solar Wind Energy Tower
Date: Sep 28, 2015