Printer Friendly

United States : SOLAR WIND ENERGY TOWER announced ARIZONA GREEN POWER'S entry into an agreement with ARIZONA ALTERNATIVE ENERGY CENTER.

Solar Wind Energy Tower, Inc. the inventor of Solar Wind Downdraft Tower structures that produces inexpensive electricity, announced that its subsidiary, Arizona Green Power LLC, entered into a Benefits and Services Agreement with Arizona Alternative Energy Center.

Under the agreement, EC will raise $100 million of development capital for the San Luis, AZ Tower Project through the Federal EB-5 Visa Direct Investment Program which fuels hiring and economic growth in US cities and in other counties. Greenpower will acquire the funding from EC for a 5 year loan.

The US Customs and Immigration Service (USCIS) administrates the Immigrant Investor Program, known as EB-5, was created to stimulate the US economy through job creation and capital investment by foreign investors. All of EB-5 investments have been in massive Regional Center Projects that involve hundreds of foreign investors and scores of millions of dollars. EC is a USCIS approved Regional Center in Arizona.

The foreign investor must create 10 new American jobs over a period of 2 years. If successful, the investor receives their permanent green card. The US Citizenship and Immigration Service sets aside 10,000 visas for immigrants investing $500,000 or more in Targeted Employment Areas (TEA) to create new jobs in American businesses and enhance the economy.

Solar Wind Energy Tower CEO Ron Pickett said, this program is appealing on a number of levels. The funds are from private sources as investments and are not government subsidies. These infrastructure investments stimulate rapid stabilizing economic growth within the cities and counties where they are focused. Under the EB-5 program International investors bring capital into a county or city creating more direct and indirect jobs, which creates increased tax revenue .

2014 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).

COPYRIGHT 2014 SyndiGate Media Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2014 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Mena Report
Date:Jul 16, 2014
Words:292
Previous Article:United States : DARVIN FURNITURE invests $4 million in a multi-phase expansion project.
Next Article:United States : $200,00 grant given to PITTSBURGH to fund MEDICAID and CHIP in cities.
Topics:

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters