NEW YORK, June 1, 2012 /PRNewswire/ -- 3Power Energy Group Inc. ("3Power" and "the Company") (OTCBB: PSPW) (Frankfurt: PSD), is pleased to announce that the company signed a frame agreement to receive a 15 years interest-only bond amounting USD 75M with the 100% of loan principal, fully due and payable at the conclusion of the 15 year term. The bond will be collateralized by the company's projects in addition to the financial securities provided by the selected investors consortium from the company shareholders. The company is negotiating with the bond provider the details and final terms of the facility contract.
The facility proceeds will be used to finance the equity required for 3Power's current projects portfolio in its final acquisition stage and also assist in its expansion activities into the US market.
Additionally, the company is negotiating further USD 20M equity facility with a US based institution.
"The capital raising upon finalization would match the soon expected acquisition closing costs of the major projects from the company's pipeline projects previously announced," stated Mr. Umamaheswaran Balasubramaniam, the company CEO.
"We are making steady and solid steps in the development of our company towards our goal to be one of the world's leading renewable energy utility scale power plants owner and operator," stated Mr. Mohammed Falaknaz,the company chairman. "The current projects pipeline in addition to the planned US market entry projects will establish upon acquisition a unique product mix and provide profitable and sustainable revenue stream," added Mr. Falaknaz,
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.