Solar Wind Energy Tower (SWET) has announced that on the company entered into a Memorandum of Understanding (MOU) with Elpetra Industries Co. Limited in Nairobi, Kenya East Africa to pursue the finance and development of its thermal downdraft Towers Facilities in Kenya.
Elpetra is able to finance, construct, and place in operation such Tower Facility, subject to obtaining necessary consents and approvals and other pre-development activity. Moreover, the developer has already identified potential suitable sites as well as offtake customers in the region. The agreement signed between the parties sets forth specific terms for SWET to receive development fees and royalties from Tower project(s) in Kenya, while allowing Elpetra a 6 month exclusivity period to fully evaluate and vet a specific site identified for the first Tower Facility. Each facility is estimated to have an installed capacity rating of up to 1,250MW.