Did everyone forget that we have had big news already 3 days after the merger.
3Power Energy Group Enters into 58MW Chile Project Acquisition Agreement
NEW YORK, May 19, 2011 (BUSINESS WIRE) -- 3Power Energy Group Inc. ("3Power" and "the Company") (OTCBB:PSPW) (Frankfurt:PSD) is pleased to announce that the Company has entered into agreement to acquire two wind energy projects in Chile totalling 58MW (the "Projects").
The vendor has already obtained and/or is in the process of finalizing all the necessary regulatory and statutory agreements together with all permissions required for development of the Projects. 3Power is currently finalising negotiations on the Power Purchase Agreements and debt financing provisions for the Projects. The Company expects to provide the equity financing via the $50M credit facility provided by CR&P Holdings S.p.A. previously announced on March 11, 2011. 3Power expects to close the final Project Agreements very shortly and, upon closing, the Company intends to transfer the Projects to a recently formed wholly-owned Chilean subsidiary, 3Power Energia S.A.
The Company has also recently signed a letter of intent for the acquisition of a 47MW wind energy project in Ecuador to be developed and has made significant progress on the license acquisitions in Albania.
The Company intends to develop up to 3 GW of renewable energy projects over the next 3 years. The Company's combined project pipeline covers wind, solar, hydro and biomass development opportunities in Chile, Ecuador, Peru, France, Italy, Greece and Albania. The Company is currently in the process of securing rights for the development of an aggregate of 300 MW of renewable energy generation during the course of 2011.
About 3Power Energy Group 3POWER is emerging as a world-wide independent major player in producing electricity generated by solar, wind, hydro, biomass and other renewable energy resources and to develop, build and operate power plants based upon these technologies. The Company plans to develop clean, sustainable power generation and become a trusted energy provider to utility companies and corporate entities around the world. The Company expects to establish its headquarters in London, with satellite offices and operations in North America, Latin America, Europe, and Asia. For further information: www.3powerenergy.com.
AI
