news 8k filed on building dams Item 1.01
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Posted On: 06/13/2018 7:23:59 AM
news 8k filed on building dams
Item 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On April 4, 2018, 3Power Shala Sh.p.k., a subsidiary of Shala Energy Plc, which in turn are majority owned by 3Power Energy Group Inc, entered into a legally binding Concession Contract with the Albanian Ministry of Infrastructure and Energy. The BOT (“Build – Operate – Transfer”) contract is the legally required sequel to Albania granting the 83.450 MW Hydropower Concession to the Company, as previously announced.
The Hydropower Plants in the Shala Project are comprised of Lekaj, Breg Lumi and Vajvishti and are designed to exploit the hydro energy potential of the water catchment of the Shala River. Lekaj and Breg Lumi are hydropower cascades and Vajvishti is a dam.
The total energy capacity of this Concession is 83.450 MW and will generate 321,465,632 KWH. The Concession which was granted for a period of 35 years commencing April 4, 2018.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
3POWER ENERGY GROUP INC.
/s/ Sharif Rahman
Name: Sharif Rahman
Title: Chief Executive Officer and Chief Financial Officer
(Principal Executive Officer, Principal Financial and Chief Accounting Officer)
Dated: June 12, 2018
Item 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On April 4, 2018, 3Power Shala Sh.p.k., a subsidiary of Shala Energy Plc, which in turn are majority owned by 3Power Energy Group Inc, entered into a legally binding Concession Contract with the Albanian Ministry of Infrastructure and Energy. The BOT (“Build – Operate – Transfer”) contract is the legally required sequel to Albania granting the 83.450 MW Hydropower Concession to the Company, as previously announced.
The Hydropower Plants in the Shala Project are comprised of Lekaj, Breg Lumi and Vajvishti and are designed to exploit the hydro energy potential of the water catchment of the Shala River. Lekaj and Breg Lumi are hydropower cascades and Vajvishti is a dam.
The total energy capacity of this Concession is 83.450 MW and will generate 321,465,632 KWH. The Concession which was granted for a period of 35 years commencing April 4, 2018.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
3POWER ENERGY GROUP INC.
/s/ Sharif Rahman
Name: Sharif Rahman
Title: Chief Executive Officer and Chief Financial Officer
(Principal Executive Officer, Principal Financial and Chief Accounting Officer)
Dated: June 12, 2018
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