EnviroMission Limited

Recent Media Releases

17 June 2003

MEDIA RELEASE

Tuesday 17 June 2003
For Immediate Release

SOLAR TOWER DEVELOPMENT MAKING STRIDES

Solar Tower development in Australia is continuing to make strides towards full commerciality.

Set to be one of Australia’s most significant major infrastructure developments to deliver large-scale renewable energy into the national electricity grid the project has undergone intensive technical and commercial feasibility assessment to demonstrate commercial viability.

Already assigned Major Project Facilitation status from the Australian Federal Government and State Significant Development status from the NSW Government, EnviroMission is progressing commercial relationships to further advance the development.

Australia’s largest energy provider, Australian Gas Light Electricity (AGLE) has signed a Memorandum Of Understanding (MOU) with EnviroMission Limited for exclusive negotiations to take up 100% of the green energy to be generated from the proposed power station development.

Green energy planned to be generated from the proposed Solar Tower development will be eligible for Renewable Energy Credits and sale into the national electricity market.

EnviroMission Chief Executive, Roger Davey, announced "Details contained within the MOU will determine the way forward for AGLE and EnviroMission to finalise a commercial agreement to deliver 200MW of green power into the Australian energy market.

"The agreement forms the cornerstone of the current pre-feasibility study and is a defining step to demonstrate the commercial strength from proposed energy revenue along with the non-energy revenue expected from agribusiness, telecommunications, tourism and naming rights."

EnviroMission is on track to prove the commercial viability and bankabilty of the world’s first Solar Tower power station.

A decision on feasibility currently being undertaken jointly with Leighton Contractors Pty Ltd to determine the necessary steps to take this project to construction is expected to be made in the first half of the new financial year.

Ends

Media Enquiries:
Ms. Kim Forte
Communications Manager
EnviroMission Limited
+61 3 8823 5305
0414 69 03 56

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