Solar Wind Energy Tower has announced the Company has closed on a transaction that provided for $600,000 in pre-development land cost and 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 for the San Luis, Arizona Tower Project.
The capital was achieved through the sale of an interest in the Company's subsidiary, Arizona Green Power, LLC. This financing comes exclusively through the sale of an interest in Arizona Green Power, LLC 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. After the transaction, the Company continues to retain ownership of the remaining 96% interest in Arizona Green Power, LLC.
