EnviroMission to receive up to $60 million for solar tower project

By Lisa Kerner

Charlotte, N.C., Sept. 1 – EnviroMission Ltd. secured up to $60 million of project financing from a Japanese fund for its La Paz Solar Tower.

The initial payment of $10 million will be a direct equity investment at $0.20 per share for 50 million shares or a 12-month noninterest bearing convertible note with a conversion price of $0.20 per share. It will be banked on or before Sept. 30, unless an extension is agreed to due to the ongoing global stock market volatility, according to a news release.

Within nine months of the initial closing, the Japanese fund must subscribe and pay for $50 million of subsequent placement shares.

If the initial payment is made via a 12-month convertible note and the note is not converted, the fund will subscribe and pay for $60 million subsequent placement shares.

The issue price of the subsequent placement shares will be the greater of $0.20 or market, the release stated.

There is a three-year option for an attaching half option per issued share issued at 1.5 times the subsequent placement share price.

“Representatives of the Japanese fund conveyed strong enthusiasm for investment within the renewable energy sector for the certainty energy investment historically delivers and more so that this investment will provide them with the exposure and opportunity to be involved in ‘highly differentiated clean green first to market Solar Tower energy technology,’” said EnviroMission chief executive Roger Davey said.

EnviroMission is a Victoria, Australia-based solar power company.

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