The financing commitment is subject to due diligence by the solar company, which it expects to finalise “in a matter of weeks”, says Roger Davey, EnviroMission chief executive.
The proposed equity-finance would see the investor take a majority interest in the solar tower – located in La Paz county, Arizona – without diluting EnviroMission’s issued capital.
EnviroMission previously secured a power-purchase agreement (PPA) with the Southern Californian Public Power Authority (SCPPA) to deliver output from the first of two planned 200MW solar tower developments.
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