Another thing I dont get is why on www.3powergroup.com that they do not mention the Shala Energy Projects under hydro dam concessions and target markets? Yet they leave the newsletters up discussing Shala Energy only. I dont understand why they talk about everything but Albania as a target market?
The newsletter do make more sense if you reread them and overlay them to current issues like constructing that new 400kV transmission line. The country could not handle additional capacity until that electricity transmission line was built per the news letter from 2013. Now that its pending this can go thru. What about the 30 MW of additional project capacity that they mention?
CHAIRMAN’S MESSAGE Dear Fellow Shareholders: We are very pleased to provide you with an updated execution plan as we head into the latter part of 2013. As we have stated previously, our efforts have been, and will continue to be, focused on developing hydroelectric power in Albania. The current hydroelectric infrastructure in place in Albania will not be able to sustain the increased capacity that is expected in the region. For this reason, we have committed to producing renewable generated eletrical power through our Shala River Project. As we continue to move forward with our plan, we are confident that persistent and successful execution of our growth strategy will enable us to expand our business and deliver value to our stockholders. Going forward, we will continue to update our shareholder base as we further execute our growth strategy and deliver on the milestones in which we have updated blow.
On behalf of the 3Power management team, our Board of Directors and employees, I would like to thank you for your continued support.
Sincerely,
Mr. Mohammed Falaknaz Chairman of the Board
3POWER has laid out the following milestones as it continues to execute its business plan for the Shala Project: • Preliminary project design work to be completed by the first quarter of 2014 • Begin construction on the first hydropower plant at Grunnasi and complete the connection to the power grid by the fourth quarter of 2014 (Phase 1) - Once the first plant is connected to the grid, 3Power will begin to generate revenues by selling electricity to the national grid and the spot market • Construct the remaining hydropower plants and connect them to the grid - Building of the additional plants will occur in stages, with ompletion slated for the fourth quarter of 2017 (Phase 2) Phase 1 Will require either a €19.2 million ($25.0 million) equity investment or a $10.0 million equity investment with the remaining $15.0 million coming in the form of debt. Of this amount, €5.6 million ($7.3 million) will be earmarked for the construction of a HV Transmission line to connect the plant to the power grid at Koman, Albania, which is 22 kilometers (13.7 miles) away. That portion will also be used to finance preliminary design and system engineering work.
Phase 2 3Power plans to build the project in stages, with completion slated for 2017. 3Power expects the total cost of the project to be €156.4 million ($203.3 million). The Company plans to finance €63.3 million ($82.3 million) of the project with equity and the remainder in debt. SHALA Project Financing: • The Company is in discussions with several strategic investors to secure funding for Phase 1 • The Company will focus its efforts in the third and fourth quarters of 2013 on completing the capital raise for Phase 1 • The proceeds from the capital raise will be used to: - Conclude and baseline the preliminary design for the project, to be completed by February 2014 - Conclude and baseline the system engineering for the project, to be completed by February 2014 - Conclude the negotiations with our financing partners to secure capital for the remainder of the project, to be compeleted by March 2014 - Begin construction of the 10.4 megawatt Grunnasi plant and build the line to connect the plant to the power grid, to be completed by December 2014
Strategic Development: 3Power is working with its partner and shareholder on the Shala project to conduct due diligence to acquire 30 megawatts of operational hydropower projects in the Balkan region. By investing in these porjects, the Company hopes to generate revenues faster and enhance its market position.
Company Operation Costs and Expenses 3Power continues relying on its shareholder Falak group for financing its OPEX.
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