these guys are really methodical, this says it all to me
On August 31, 2017, the Albanian Ministry of Energy granted Shala Energy Plc the concession for a new 83.45MW hydro power plant on the Shala River. In connection with the concession, as required by Albanian law, Shala Energy Plc is organizing a new subsidiary, 3Power Shala Sh.p.k., an Albanian special purpose company to design, finance, build and operate the power stations. At the same time, Shala Energy Sh.p.k will be dissolved the all assets and liabilities transferred to 3Power Shala Sh.p.k.
Shala, through its operating office in Tirana, Albania, has developed concession opportunities of approximately 300 MW hydroelectric and 50 MW of Solar PV plants. Of these concessions approximately 100 MW are construction (shovel) ready but no construction has yet commenced. We estimate but cannot guarantee that construction will commence by late 2017. A further 100 MW are awaiting final construction permits and the remaining capacity is currently in the planning and permission application phase.
Shala is in on-going negotiations with international EPC and O&M providers on the basis of a “design, finance, build and operate” model.
Shala continues to be financially supported by its shareholders, but infrastructure and construction development phase will require substantial additional equity and senior debt. There is no assurance that such financing will be available and if it is not, that would have an adverse effect on the Company’s ability to move into the construction phase.
In October 2017, we acquired 75% of Shala Energy Plc, a Republic of Ireland corporation. Shala Energy Plc was formed to assist with financing opportunities.
Subsequently, Shala Energy Plc formed a 60% owned subsidiary, 3Power Shala ShpK, as an Albanian Special Purpose Vehicle (“SPV”) as required by Albanian law, to bid and to successfully acquire an 83.5MW Shala River Concession.
now just waiting for it all to come together
