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.