3Power Energy Group Inc. (OTCBB:PSPW) entered into a frame agreement to acquire 75% stake in 127.6 MW Hydroelectric power plant concession on Shala River in Albania from an Albania based investment group on December 30, 2011. The BOT Concession Agreement with the Ministry of Economy, Trade & Energy of the Republic of Albania is approved with Council of Ministers Decision of Republic of Albania. Definitive agreement shall be signed no later than March 15, 2012. Upon successful closing of the definitive acquisition agreement 3Power will undertake the project detailed design, finance structuring and bankable study. Further development cost and project equity will be provided by 3P utilizing proceeds from private placements planned soon by the company.

On April 5, 2012, extension agreement was entered to extend the deadline for executing a definitive acquisition agreement to the expiration of four weeks from the signing of the extension agreement. On June 5, 2012, acquisition agreement was signed. The acquisition agreement provides that the closing of the acquisition shall occur no later than June 15, 2012. In late July 2012, the closing deadline was extended to August 10, 2012.

3Power Energy Group Inc. (OTCBB:PSPW) completed the acquisition of 75% stake in 127.6 MW Hydroelectric power plant concession on Shala River in Albania from an Albania based investment group on August 10, 2012.