OTCQX: EVOMY 2011 AGM Chairman’s Address to Shareholders
press release
Dear Shareholder,
EnviroMission Limited 2011 year completes a decade of Solar power Tower commercialization for EnviroMission – comprising seven very active years in Australia and three in the United States.
And realizing the trajectory of development that is occurring in Arizona I can say with conviction the first two trimesters of this development gestation certainly served to inform the development model to the current advanced stage.
I would like to remind shareholders that there is a large-scale infrastructure development that stands behind this investment – investors’ objectives take many forms – some are in for the long haul – and in a sense they could feel somewhat long suffering; others have more short term objectives and then others again may have no idea what business EnviroMission is actually engaged in.
EnviroMission is commercializing large-scale, highly differentiated solar powered electricity generation for the wholesale electricity market – we are commercializing the first 200MW Solar Tower power station in the North West corner of Arizona at an arid site in La Paz – the exact coordinates remain commercial in confidence to protect EnviroMission’s interest in securing the most commercial arrangements for the development – the process to site lease is anticipated in
2012.
As I mentioned I have recently returned from the US where I attended a key developers meeting with the Southern California Public Power Authority (SCPPA) one of the largest public power authorities in the US – EnviroMission has a power purchase agreement with SCPPA – this means that the power that the first of two 200MW power stations at the La Paz sites has been contracted for sale to SCPPA in order for SCPPA to satisfy the terms of its renewable energy portfolio.
EnviroMission successfully bid into a request for project process and was the only solar technology selected to negotiate a power purchase agreement – the process itself was lengthy and EnviroMission was able to take the good news to market in Q2 2011.