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.