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3Power Energy has signed a frame agreement with an Albania-based investment group to acquire 75% of a 127.6MW hydropower plant concession in Albania.
The hydroelectric plant will be developed on the Shala river and is expected to be grid-connected in 2015. The BOT concession agreement with the Ministry of Economy, Trade & Energy of the Republic of Albania is approved with Council of Ministers Decision of Albania.
Upon closing of the acquisition agreement, 3Power said it will undertake the project detailed design, finance structuring and bankable study. 3Power said it continues its efforts to secure and complete its pipeline of projects in Europe and Latin America, aiming at creating a regionally diversified portfolio of projects in the solar, hydroelectric and wind energy sectors.