NEW YORK, June 14, 2012 /PRNewswire/ -- 3Power Energy Group Inc. ("3Power" and "the Company") (OTCBB: PSPW) (Frankfurt: PSD), is pleased to announce that the company finalized the acquisition agreement of the 126.7Mwt electric hydro power plant on Shala River in Albania with SHALA ENERGY Shpk.
The Company SHALA ENERGY shpk, has signed a Concession Agreement, BOT form, with the Ministry of Economy, Trade and Energy of Republic of Albania for the construction of a hydropower plant cascade on Shala River, in the northern part of Albania. The Concession Agreement is approved by the Council of Ministers of Republic of Albania No. 698, dated 11.06.2009 and entered into force on 24 August 2009 (date of publication of the CMD on approval of the Concession Agreement in the Official Gazette of Albania).
Pursuant to the Albanian legislation and Concession Agreement terms, the Company SHALA ENERGY shpk holds all concession rights for 35 years (including Free Enjoyment) on construction and operation of the hydropower plant cascade on Shala River.
The scheme of utilization of Shala River preview construction of a hydropower plant cascade with total installation capacity for 127,6 MW and average energy production for about 530,350,000 kWh/year.
3power has joined forces with a consortium led by Fortune&Heavy Industries, head quartered in Bangkok Thailand (Reputable in the field of heavy industries), and having as its partners Bharat Heavy Electricals Ltd, A leading Indian company and a forefront leader in its field with varied global experience and Synergics India Ltd (a subsidiary of Synergics USA, reputable consultants in the hydro power field to complete the project. The Consortium comes with tremendous experience in design, equipment and machinery, bankable feasibility, construction and delivery of Major Hydro power plants.
Forward Looking Statements
This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to 3Power, its business and prospective development plans. These forward-looking statements can be identified by the use of terminology such as "subject to," "believe," "expects," "plan," "project," "estimate," "intend," "may," "will," "should," "can," or "anticipates," or the negative thereof, or variations thereon, or comparable terminology, or by discussions of strategy. Although all of the forward-looking statements set forth in this press release are believed to be reasonable, actual results may differ materially from those expressed in forward-looking statements as a result of factors outside of the control of 3Power. 3Power cannot provide assurances that any prospective matters described in the press release will successfully close or otherwise be completed or that 3Power will realize the anticipated benefits of any such transactions. Important factors that may cause actual results to differ materially from those expressed in the forward-looking statements are discussed in 3Power's Securities and Exchange Commission filings. Readers are cautioned not to place undue reliance on forward-looking statements. 3Power does not undertake and specifically disclaims any obligation to update, republish or revise forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrences of unanticipated events. All forward-looking statements should be regarded solely as 3Power's current plans, estimates and beliefs.
SOURCE 3Power Energy Group Inc.