Australian company, EnviroMission Limited, has received a formal commitment from a yet-to-be-named source, for the development and construction capital for its first Solar Tower power station, a 200 MW development to be located in La Paz County, Arizona, in the United States.
The financing is subject to due diligence and the acceptance of related banking instruments by EnviroMission’s legal advisors and bankers.
Upon EnviroMission’s completion of due diligence, the funding commitment will form the basis of the ongoing financing for the development of other Solar Tower power stations in the United States, as well as in other global markets, including Australia. The funding is expected to be finalised in early 2012.
EnviroMissions patented Solar Tower technology will combine the use of a solar air collector (canopy) and a central updraft tower to generate a solar induced convective flow which drives pressure staged turbines to generate electricity.
EnviroMission’s Solar Tower intellectual property has been independently valued at $60 million.