3Power finalized the acquisition of SHALA River 126.7Mwt concession in Albania and join forces with a consortium of leading Indian companies including “BHEL”, India’s largest industrial group to complete the project development, finance and construction
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
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SOURCE 3Power Energy Group Inc.