EnviroMission advised that it had received formal commitment for the complete development and construction capital for its first solar tower power station, which is being established in La Paz County, Arizona. The company notes that the financing is subject to the due diligence and the acceptance of related banking implementations by its legal advisors and bankers.
The funding commitment will serve as the base for the on-going financing for the development of Australian solar tower power stations in the US, Australia and various other global markets. EnviroMission anticipates that the final terms and the timing of the financing, will be completed early this year.
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.”