3Power Energy Group Inc. (PSPW) shares spike on Chile deal

Posted on: Thursday, May 19th, 2011
Written by:

3Power Energy Group Inc. (OTCBB: PSPW) skyrocketed 44.4% in price in early trading Thursday to $1.30, on word the company had entered into an agreement to acquire two wind energy projects in Chile totaling 58MW. Volume for the stock was 492,334 shares was making headway against an all-day average of 584,000.

The vendor has already obtained and/or is in the process of finalizing all the necessary regulatory and statutory agreements together with all permissions required for development of the Projects. 3Power is currently finalizing negotiations on the Power Purchase Agreements and debt financing provisions for the Projects. Officials from the company were not available for comment.

The Company intends to develop up to 3 GW of renewable energy projects over the next three years. The Company’s combined project pipeline covers wind, solar, hydro and biomass development opportunities in Chile, Ecuador, Peru, France, Italy, Greece and Albania. The Company is currently in the process of securing rights for the development of an aggregate of 300 MW of renewable energy generation during 2011.

New York-based 3Power Energy Group is emerging as a world-wide independent major player in producing electricity generated by solar, wind, hydro, biomass and other renewable energy resources and to develop, build and operate power plants based upon these technologies.

Tags: , , , ,
Category: Alternative Energy Stocks, OTCBB
no comments
You can leave a response, or trackback from your own site.

Leave a Reply

Your email address will not be published. Required fields are marked *

About Penny Stocks

The term "penny stocks," also known as micro-cap equities, micro caps, small caps, pink sheets, refers to shares in a company that trades for less than $5.00. Most penny stocks trade on the OTCBB market and the pink sheet electronic quotation service. Penny Stocks can be very volatile and can see gains as much as 500% in a day. Volatility in penny stocks is also dangerous because penny stocks can come down as quickly as they go up. If you trade penny stocks based on stock picks, make sure to always do your due diligence on the companies you're considering, use stop loss orders, and book your profits when you are in a position to do so.