Friday, 3Power Energy Group, formerly known as Prime Sun Power Inc, announced that it was entering into a financing and security agreement with CR&P Holding for a $50 million secured loan. The proceeds generated by the loan will be used to finance projects that 3Power is embarking on while covering a portion of operating expenses, among other costs.
3Power is a producer of sustainable energy technology and resources, developing solar, wind and hydro technology with the goal of providing green energy to utility companies and corporations on a global level. 3Power intends to open offices in London, North America, Latin America, Europe and Asia. CR&P is an Italian investment company that is valued at more than 323 million Euros.
3Power will use the loan to finance green energy development projects while making acquisitions in Italy, France, Turkey, Albania and Chile. The loan is being made available to 3Power over 10 years at a fixed rate of 5% per annum, and CR&P will receive 20% of the profits from each project over the course of the loan. CR&P, along with its investment partners, are using this opportunity to grow their businesses in the burgeoning green technology industry.
“This is a major milestone achievement for 3Power Energy and sets the Company well on the path to achieving our goal of becoming a global leader in renewable energy production” said Toby Durrant, 3Power’s Chief Investment Officer. “With this initial round of financing completed, in addition to the prospective closing of the merger with Seawind, the Company will have a sound foundation for growth and the resources to pursue our key objectives” he commented. We look forward to updating our shareholders and the markets as we commence each project and capitalize on the opportunity for 3Power Energy to become a world leader in sustainable power generation.”