UPDATE from Sept. 26th
3Power Energy Group, Inc. (OTC: PSPW) announced today that on 31st August 2017, the Albanian Ministry of Energy granted Shala Energy Plc, 3Power’s Irish subsidiary, the concession for a new 83.45 MW Hydro Power Plant (HPP) on the Shala River.
The Shala River catchment area is of strategic importance to the Albanian Renewable Energy planning. However, in
consideration of difficulties with the previous concession and with the assistance of eminent hydrological consultants and in discussions with the relevant authorities, the new concession avoids the negative environmental impact on any protected area.
Based on extensive detailed hydrological and environment studies, the 83.45 MW HPP (once constructed) is estimated to produce annually 321,465,632 KWH (kilowatt hours) which equals an estimated annual feed in tariff/revenue of approximately 17 million Euro.
The estimated timeframe for the implementation of production is 36 months from start of construction, which is forecast to begin in early 2018. There is, however, no assurance that construction will begin with the target date.
Total investment value is approximately 110 million Euro.
Shala Energy Plc is incorporating a new subsidiary, an Albanian Special Purpose Company (as required by law) to be called “3Power Shala Sh.p.k.”, to design, finance, build and operate the Power Stations. At the same time Shala Energy Sh.p.k., the holder of the former 127 MW concession, will be dissolved.
In addition Shala Energy Plc currently holds options for additional HPPs of a total 84 MW capacity, thus providing the group with a total capacity of 167 MW, requiring an investment volume of 210 million Euro.
The additional concessions are “shovel ready” with permits granted.
Mr. Sharif Rehuman
Chief ExecutiveOfficer and Chief Financial Officer 3Power Energy Group, Inc.
Based on the granting of the various concessions and hydrological feasibility studies, Shala Energy Plc has entered into intensive funding discussions with international EPC and infrastructure financiers including but not limited to well-known Chinese State Companies.
Mr. Sharif Rehuman C.E.O and C.F.O, of 3Power Energy Group Inc, stated: “It has been a long and difficult road to complete economically feasible and viable Hydro Power Studies and to obtain the requisite concessions. But this has now been achieved. We look forward to working with our future strategic, technical and financial partners to construct the plants and to bring them into revenue at an early date.”
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this press release are forward- looking statements. These statements relate to future events or to the Company's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. No past revenue or other performance can guarantee the same or better performance in the future. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond the Company's control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. Such risks, uncertainties and other factors, which could impact the Company and the forward- looking statements contained herein are included in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward- looking statements, even if new information becomes available in the future.
Mr. Sharif Rehuman
Chief Executive Officer and Chief Financial Officer,
3Power Energy Group, Inc
3Power Energy Group, Inc. (OTC: PSPW) announced today that on 31st August 2017, the Albanian Ministry of Energy granted Shala Energy Plc, 3Power’s Irish subsidiary, the concession for a new 83.45 MW Hydro Power Plant (HPP) on the Shala River.
The Shala River catchment area is of strategic importance to the Albanian Renewable Energy planning. However, in
consideration of difficulties with the previous concession and with the assistance of eminent hydrological consultants and in discussions with the relevant authorities, the new concession avoids the negative environmental impact on any protected area.
Based on extensive detailed hydrological and environment studies, the 83.45 MW HPP (once constructed) is estimated to produce annually 321,465,632 KWH (kilowatt hours) which equals an estimated annual feed in tariff/revenue of approximately 17 million Euro.
The estimated timeframe for the implementation of production is 36 months from start of construction, which is forecast to begin in early 2018. There is, however, no assurance that construction will begin with the target date.
Total investment value is approximately 110 million Euro.
Shala Energy Plc is incorporating a new subsidiary, an Albanian Special Purpose Company (as required by law) to be called “3Power Shala Sh.p.k.”, to design, finance, build and operate the Power Stations. At the same time Shala Energy Sh.p.k., the holder of the former 127 MW concession, will be dissolved.
In addition Shala Energy Plc currently holds options for additional HPPs of a total 84 MW capacity, thus providing the group with a total capacity of 167 MW, requiring an investment volume of 210 million Euro.
The additional concessions are “shovel ready” with permits granted.
Mr. Sharif Rehuman
Chief ExecutiveOfficer and Chief Financial Officer 3Power Energy Group, Inc.
Based on the granting of the various concessions and hydrological feasibility studies, Shala Energy Plc has entered into intensive funding discussions with international EPC and infrastructure financiers including but not limited to well-known Chinese State Companies.
Mr. Sharif Rehuman C.E.O and C.F.O, of 3Power Energy Group Inc, stated: “It has been a long and difficult road to complete economically feasible and viable Hydro Power Studies and to obtain the requisite concessions. But this has now been achieved. We look forward to working with our future strategic, technical and financial partners to construct the plants and to bring them into revenue at an early date.”
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this press release are forward- looking statements. These statements relate to future events or to the Company's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. No past revenue or other performance can guarantee the same or better performance in the future. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond the Company's control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. Such risks, uncertainties and other factors, which could impact the Company and the forward- looking statements contained herein are included in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward- looking statements, even if new information becomes available in the future.
Mr. Sharif Rehuman
Chief Executive Officer and Chief Financial Officer,
3Power Energy Group, Inc
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