3Power Energy Group Inc. ("3Power" and "the Company") (OTCBB: PSPW) (Frankfurt: PSD) is pleased to announce that the company entered into an agreement to develop 240 hectares of land in Nuoro region, elevation 800M at sea level in Sardinia.
The land will be leased by 3Power upon the completion of the licensing and permit process. Seawind Services, the company subsidiary providing the engineering work for wind projects, will start installing the wind measurement equipment very soon. The landowner is a prominent family in the region and will support the licensing and permits process.
3Power also reallocated the projects under the acquisition agreement signed in May 2011 with "Power Andina" to a 19.5Mwt project in Hacienda Quichote. The new project is developed by Andina and has more than four years bankable wind data. Preliminary project design and Environmental permitting have been completed.
3Power management considers the new projects more advantageous for the company in its strategy of fast expanding strategy and enhancing its projects pipeline portfolio.