3Power Energy Group Inc (PSPW)

[springbaloo]

NEW YORK, March 11, 2011 /PRNewswire/ -- Prime Sun Power Inc. (the "Company"), recently rebranded as 3Power Energy Group, is pleased to announce that it has signed a financing and security agreement with CR&P Holding S.p.A., an Italian investment group, for a $50 million secured loan.

The Company intends to use the facility to finance photovoltaic, wind and hydro power plant development projects and prospective acquisitions in Italy, France Turkey, Albania and Chile. "This is a major milestone achievement for 3Power Energy and sets the Company well on the path to achieving our goal of becoming a global leader in renewable energy production" said Toby Durrant, 3Power's Chief Investment Officer. "With this initial round of financing completed, in addition to the prospective closing of the merger with Seawind, the Company will have a sound foundation for growth and the resources to pursue our key objectives" he commented.

The proceeds of this loan will principally be utilized to finance the equity portion of the first projects from the Company's existing pipeline as well as to cover some of the Company's operational expenses and predevelopment costs.

The loan is being made available to the Company at a fixed rate of 5% per annum for a period of 10 years. In addition, the lender will also receive 20% of the annual net profits derived from each project for the duration of the loan. The loan will be secured by the assets of each special purpose subsidiary holding company. Each draw of the loan amount by the Company will be subject to customary due diligence by the lender.

The agreement comes as part of CR&P and its Abu Dhabi based investment partners, to grow the group business globally within the renewable energy sector.

3Power management is coordinating with CR&P in regard to selected projects details and use of loan proceeds information in order to finalize the loan proceeds disbursement plans. "We look forward to updating our shareholders and the markets as we commence each project and capitalize on the opportunity for 3Power Energy to become a world leader in sustainable power generation," said Toby Durrant.

http://www.wallstreet-online.de/diskussion/1165271-1-10/3-power-energy-group-der-neue-marktfuehrer-fuer-erneuerbare-energien