3Power Energy Group, Inc (OTCMKTS:PSPW) Files An 8-K Entry into a Material Definitive AgreementItem 1.01
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.
About 3Power Energy Group, Inc (OTCMKTS:PSPW)
3Power Energy Group, Inc., formerly Prime Sun Power Inc., focuses to sell electricity generated by solar, wind, hydro, biomass and other renewable energy resources, and to develop, build and operate power plants based on these technologies. The Company intends to pursue a business model producing renewable generated electrical power and other alternative energies. The Company holds interest in a hydro-electrical project of a total installed power of approximately 127.6 megawatt (MG) of Shala River in Albania. It intends to develop additional projects.
