PHOENIX and MELBOURNE, Australia, Nov. 24, 2014 /PRNewswire/ -- EnviroMission
Limited (ASX:EVM, OTCQX:EVOMY) EnviroMission's U.S. Solar
Tower development subsidiary, EnviroMission, Inc., has signed a
milestone Memorandum of Understanding (MOU) with the U.S.
Department of Energy's Western Area Power Administration
(Western).
Western is authorized under the American Recovery and
Reinvestment Act of 2009 (Recovery Act) to borrow up to U.S
$3.25 billion from the United States
Treasury for purposes of constructing, financing, facilitating,
planning, operating, maintaining, or studying construction of new
or upgraded electric power transmission lines and related
facilities with at least one terminus in Western's service
territory to deliver or facilitate the delivery of power generated
by renewable energy resources constructed or reasonably expected to
be constructed after enactment of the Recovery Act.
"Western solicited proposals involving the development of
potential transmission projects and EnviroMission submitted a
proposal based on the future transmission needs of a Solar Tower
within Western's territory," said Roger
Davey, EnviroMission, Inc., Executive Chairman.
Western's review of EnviroMission's proposal for a South of
Parker Transmission Upgrade Project, found the project that would
service EnviroMission's proposed La Paz Solar Tower development and
provide regional transmission benefits to other projects, initially
meets the statutory prerequisites set out within the Recovery
Act.
Under the MOU EnviroMission will provide additional project
information to Western's Transmission Infrastructure Program for
evaluation to determine the prospects of subsequent agreements for
engaging in development work on the transmission line and a loan to
support construction of the project.
Before Western can consider a request for financing of a
particular project under the Recovery Act it must determine that a
project is in the public interest; will not adversely impact system
reliability, operations, or other statutory obligations; has a
reasonable expectation that transmission proceeds will be adequate
to repay principal and interest of a loan from the U.S. Treasury;
and has the necessary capability to obtain and deliver
generation-related ancillary services.
"Development of transmission infrastructure that will facilitate
commercialization of Solar Towers in Western's territory also goes
to the heart of the intention of the Recovery Act through the
substantial economic benefit expected to flow from the creation of
over 1,000 new jobs and the considerable material supply required
to construct EnviroMission's large-scale renewable energy power
station development," Mr. Davey said.
About EnviroMission's Solar Tower technology
Solar
Tower renewable power station technology is a world first concept
that uses solar radiation to heat air to drive turbines to reliably
generate large-scale, sustainable, emission free electricity
directly into the transmission grid.
About Western's Transmission Infrastructure
Program
Western Area Power Administration is a power
marketing administration within the U.S. Department of Energy that
annually markets and transmits more than 25,000 gigawatt hours of
clean, renewable power from 56
federally owned, hydroelectric power plants in 15 western
and central states. Western's Transmission Infrastructure Program
(TIP) has $3.25 billion in borrowing
authority to support the development, construction,
financing, and operation of transmission-related projects that
facilitate the delivery of clean, renewable power with at least one
terminus in Western's service territory. Visit Western's
Transmission Infrastructure Program website for more
information. If you have additional program questions call
Western's Public Affairs office at 720-962-7050 or send an email
to publicaffairs@wapa.gov.
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SOURCE EnviroMission Limited