'Solar chimney' group soars as investor backs US build

Solar updraft plants heat air which is drawn up the chimney-like tower.

Solar updraft plants heat air which is drawn up the chimney-like tower.

Shares in EnviroMission surged 30% on the Australian stock exchange after the developer confirmed an unnamed investor has agreed to back construction of its first solar “updraft tower” power station in the US state of Arizona.

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.

Under the deal, SCPPA will have the right Log in to read complete article.

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