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