NEW YORK, Feb. 9, 2012 /PRNewswire/ -- 3Power Energy Group Inc. ("3Power" and "the Company") (OTCBB:PSPW) (Frankfurt:PSD) is pleased to announce that the company entered into a frame agreement with a Chinese Investment group to acquire 100Mwt PV Solar Power Plants from their portfolio in Italy. Projects are financed and produce electricity into the national Grid under long term Power Purchase Agreements.
The projects are located in several high sun radiations regions in Italy. The total investments in these projects is quoted around USD 500Mio out of which 400M are financed by long term banks credit facility. The projects when acquired will be an immediate source of 15 years sustainable revenues under a Power Purchase agreement at prefixed price.
3Power continue to complete its target capacity of 3GW projects pipeline. The company plans to finance its equity in the projects through placements from selected investors.
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.