Following the news of California’s recent legislation that requires energy companies to purchase at least half of their power from renewable sources by 2030, the solar energy company Solar Wind Energy Tower, Inc (OTCQB:SWET) and its subsidiary Arizona Green Power LLC (AGP) are pursuing the California energy market.
According to the press release:
As previously reported, the Company has been issued the California Energy Commission (CEC) Pre-certification Approval, which determined that the power derived from the San Luis project was eligible for California’s Renewable Portfolio Standard (RPS). This status allows potential purchasers’ access to a number of credits and financial incentives only available when renewable energy is purchased. According to numerous studies, California’s RPS standard has created hundreds of thousands of new jobs, millions of new investment and tax dollars, and significant clean air and climate benefits.
Ron Pickett, CEO of Solar Wind Energy Tower, commented, “Currently, energy utilities are striving towards building enough energy resources to meet the current 33% RPS before the target year of 2020. This new legislation, which increases the RPS to 50% by the year 2030, is monumental for California’s energy market — and what we see as a catalyst event for our company and others with RPS status. The 50% renewable energy standard will be implemented by the California Public Utilities Commission for the private utilities and by the California Energy Commission for municipal utilities, as per current law.”
Click here to read the full press release.
