Immediate Release
January 12, 2012
EVMOTCQX: EVOMY EnviroMission Solar Tower Project Finance Commitment
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 (January 2011).
Ends.
Mr Roger Davey Chairman Executive Director
EnviroMission Limited
Enquiries
Ms Kim Forte
Communications General Manager
EnviroMission Limited
+61396935666
EnviroMission Limited I | ACN: 094 963 238 | I | 3 Raglan Street, South Melbourne, Victoria, Australia 3205 |
T +61 3 9693 5666 I | F +61 3 9699 7566 | I | E communications@enviromission.com.au |
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