PHOENIX, Jan. 12, 2012 /PRNewswire/ -- 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).
SOURCE EnviroMission Limited