Happy news befell Annapolis, Maryland-based Solar Wind Energy Tower, Inc. (USOTC:SWET). Monday, the innovator and creator behind the Solar Wind Downdraft Tower structures announced that the Investment Advisor to Arizona Green Power, LLC (AGP) has received a negotiated "Letter of Interest" to provide construction and long-term 20-year financing for the Downdraft Tower project in San Luis, Arizona.
AGP and its Investment Advisor are working together to secure Investment Tax Credit investors for the project for $250 - $300 million. The Company previously announced that the project would be eligible for up to approximately $350 million in equity contributions for which investors can receive $350 million credit towards their federal income tax due the year of the investment.
Founded in 2010, Solar Wind Energy Tower, 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, round the clock.
SWET saw its stock jump by eight-1000ths of a cent, or 2.9%, to $0.00288, on volume of 9.6 million shares.
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