How progress looks over the past 2 months. I like what I’m seeing.
Jan 2012
* 3Power Energy Group Enters Into a Frame Agreement to Acquire 75% of a 127.6 MW Hydroelectric Power Plant Concession in Albania, One of the World's Richest Water Resource Countries
* 3P is pleased to announce that the company entered into an agreement to develop 240 hectares of land in Nuoro region, elevation 800M at sea level in Sardinia. The land will be leased by 3Power upon the completion of the licensing and permit process. Italy
* 3Power also reallocated the projects under the acquisition agreement signed in May 2011 with "Power Andina" to a 19.5Mwt project in Hacienda Quichote
Dec 2011
* 3Power Energy Group to Open an Investment Middle East Branch in United Arab Emirates Which Will be Dedicated for the Acquisitions
* The new branch will be 100% owned by 3Power and will be dedicated for the acquisition, fund raising and financing of the company projects and operation
* 3P is pleased to announce that it concluded settlement agreements with the bulk of historical debts creditors from share holders and service providers to convert their debts into equity in 3Power by issue of new shares and warrants. This step will enhance the company balance sheet and support the project funding process.
Nov 2011
* The Company’s subsidiary Seawind Energy Limited has changed its name to 3Power Energy Limited. This subsidiary continues to await the final payment for the sale of its project in Texas to Sany, a Chinese company. Such payment is not expected until the final quarter of 2011.
* 3Power Project Services Limited continued to make progress on its engineering and supply contracts with its two Chinese customers as those projects approached completion
* The first shipment of prototype components for the new 2MW wind turbine were dispatched from Germany, and the close out of the detailed design phase continued
* 3Power Project Services Limited also commenced work under the Project Management engagement with 3Power Energy Inc. on the ongoing development of the first 18MW of wind projects in Chile
* Additionally, minor works were undertaken in relation to the ongoing operating and maintenance engagement for Barrick Gold in Argentina
* The Company is planning to develop, construct and operate wind energy power plants, solar photovoltaic power plants, biomass power plants and other renewable technologies
* The Company expects to sell the electrical power produced to private and utility customers. In regard to our wind energy power plant business, we intend to commence operations in South America with wind energy projects in Chile. We intend to acquire the development rights to build two wind energy projects, with a total capacity of 58MW and expect that first power-to-grid will be achieved in the first quarter of 2012
*We intend to expand our wind energy operations in other Latin American countries by entering into strategic alliances with local partners to create a strong local presence in countries such as Peru, Ecuador and Argentina, and create a wind energy portfolio through a combination of acquiring the development rights to wind energy projects, and carrying out project development of green-field sites
* We anticipate expanding our wind energy operations into Asia through strategic alliances with local partners and by acquiring the development rights to build suitable wind energy projects.
* We anticipate that our solar energy power plant business will do business mainly in Europe.
* The Company presently faces a number of challenges, including raising additional capital, indentifying commercially viable qualified projects, obtaining rights and licenses for development, interacting with local governments, indentifying and entering into agreements with appropriate subcontractors for the development and operation of our energy production facilities, and hiring and retaining qualified staff.
* The Company has entered into an acquisition agreement with Power Andina Limited (“PAL”), to acquire a 49MW wind energy project in Chile consisting of thirty two turbine locations (the “PAL1 Project”).
* The Company has entered into an option agreement with Power Andina Limited (“PAL”), to acquire a 9MW wind energy project in Chile consisting of six turbine locations (the “PAL2 Project”).
