EnviroMission Limited (ASX:EVM) Receives Solar Tower Project Finance Commitment
Melbourne, Jan 12, 2012 AEST (ABN Newswire) - EnviroMission Limited (
ASX:EVM) (OTCQX:EVOMY) has received a formal commitment to provide the entire development and construction capital for EnviroMission's first Solar Tower power station being developed in La Paz County Arizona to deliver the terms of a power purchase agreement with the Southern California Public Power Authority (SCPPA).
The financing is subject to the due diligence and the acceptance of related banking instruments by EnviroMission's legal advisors and bankers.
Subject to EnviroMission's due diligence the funding commitment will form the basis of the ongoing financing for the development of Australian Solar Tower power stations in the US, and other global markets, including Australia.
Roger Davey, EnviroMission CEO said "the proposed financing is 100% pure equity, no debt, with the investor proposing to take a majority interest in the La Paz Solar Tower without dilution to EnviroMission's issued capital."
EnviroMission expects to be able to inform the market of the final terms and timing of the financing early in 2012.
EnviroMission's Australian Solar Tower intellectual property was independently valued at AUD$60M.
About EnviroMission Limited
EnviroMission Limited (ASX:EVM) (OTCMKTS:EVOMY) is developing Solar Tower renewable energy technology on a global scale. EnviroMission, which owns the global license to Solar Tower technology (excluding China), has shifted its development focus to the South West of the United States of America. The Company vision is to develop highly innovative and profitable large scale renewable energy projects for the Global energy market, specifically the United States, Australia and China.
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