Solar Wind seeks $1.2 billion of long-term debt for Arizona project

By Susanna Moon

Chicago, Oct. 17 – Solar Wind Energy Tower, Inc. said it needs about $1.2 billion of permanent long-term debt for its Arizona Downdraft Energy Tower project.

The Arizona project has been projected to require $1.55 billion of financing for land, buildings, equipment and financing costs including interest during construction, and assuming $350 million of equity is contributed from investment tax credit investors, the permanent long term debt will be about 75% loan to total cost, according to an announcement.

“In further support of the financing the company has negotiated relationships with several key well recognized industry expert firms to assist in the solicitation of long term power purchase agreements as well as investment tax credit investors,” the release noted.

Solar Wind is a provider of green energy based in Annapolis, Md.

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