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.