Solar Wind Energy Tower, Inc. announced update on business and plans for Arizona Downdraft Energy Tower project. Recently the company announced the successful testing of its 400’ tall pilot tower proving that injecting measured sized droplets of water into the air atop the 400’ tower immediately triggered the process of evaporation which cooled the air and created downdraft winds. This process of “creating” wind, results in kinetic energy from which turbines can extract the energy to make electricity. The pilot project not only is “proof of concept” for downdraft towers but the pilot also verified the speed at which the process began, the amount of water that was recaptured, and the amount of energy required to lift the water to the top of the tower. These results all contributed to the validation of the overall projected operations of the Arizona Tower project and support the conclusions leading to the recent amended application and determination by the California Energy Commission that the Arizona project is eligible for pre-certification as a 1950 Megawatt facility specified in California’s Renewables Portfolio Standard Eligibility Guidelines as a solar thermal generating facility. The company has been working with multiple lending and finance sources and will be sharing a professional report describing the proof of concept and correlating the results with the scientific calculations prepared by various consultants to show the predictable outcomes for the Arizona Tower project. In further support of the financing the company has negotiated relationships with several key well recognized industry expert firms to assist in the solicitation of long term power purchase agreements as well as Investment Tax Credit investors. As a solar thermal facility the Arizona Tower project will be eligible for approximately $350 million in equity contributions for which investors can receive $350 million credit towards their income tax due the year of the investment. This Federal tax incentive program was designed to promote alternative energy sources and is utilized almost exclusively in every solar project in the United States. Simply stated, the Arizona project is projected to need $1.55 billion to finance the project which includes land, buildings, equipment and financing costs including interest during construction. Assuming $350 million equity is contributed from Investment tax credit investors, the permanent long term debt needs to be $1.2 billion or approximately 75% loan to total cost. The company has recently re-engaged with its contacts in San Luis Rio Colorado, Mexico. A potential Tower in San Luis Rio Colorado would be identical in size and output to the San Luis, Arizona Tower. The Company had put the pursuit of the Mexico Tower on hold pending the final design and determination of the Arizona Towers output capacity. The company now looks forward to the final determination of a potential project for San Luis Rio Colorado.