3Power Energy Group Inc. (OTCBB:PSPW) signed an agreement to acquire two wind energy projects totalling 58MW on May 19, 2011. The seller 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. The transaction will be financed via the $50 million credit facility provided by CR&P Holdings S.p.A. The acquisition is intended to close shortly. 3Power Energy Group Inc. (OTCBB:PSPW) cancelled the acquisition of two wind energy projects totalling 58MW on May 19, 2012.