Monday, June 4, 2012

3Power Energy (OTCBB: PSPW) signs a frame agreement for USD 95M lending facility

3Power Energy (OTCBB: PSPW) signs a frame agreement for USD 95M lending facilityPalm Beach, FL 6/4/12 (StreetBeat) -- 3Power Energy Group Inc. ("3Power" and "the Company") (OTCBB:PSPW), 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.

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