The sustainable energy company said in a statement that the BOT Concession Agreement with the Ministry of Economy, Trade & Energy of the Republic of Albania is approved with Council of Ministers Decision of Republic of Albania.
The agreement comes as a result of the company's work allocating hydroelectric power projects in Albania, one of the world's richest water resource countries with very high demand for electricity in the domestic and export market. Preliminary due diligence demonstrates an evidence of project feasibility and substantial investment returns.
Certain development work on the project has been performed by Albanian partners and project initiators. Upon successful closing of the definitive acquisition agreement 3Power will undertake the project detailed design, finance structuring and bankable study.
The concession market value is about US$20M and project estimated investment cost is around US$180M. The project will be planned for grid connection in 2015. Further development costs and project equity will be provided by 3Power utilizing proceeds from private placements planned soon by the company.
