3Power Energy Group Enters Into a Frame Agreement With a Chinese Investment Group to Acquire 100Mwt PV Solar Power Plants From Their Portfolio in Italy

NEW YORK, Feb. 9, 2012 /PRNewswire/ -- 3Power Energy Group Inc. ("3Power" and "the Company") (OTCBB:PSPW) (Frankfurt:PSD) is pleased to announce that the company entered into a frame agreement with a Chinese Investment group to acquire 100Mwt PV Solar Power Plants from their portfolio in Italy. Projects are financed and produce electricity into the national Grid under long term Power Purchase Agreements.

The projects are located in several high sun radiations regions in Italy. The total investments in these projects is quoted around USD 500Mio out of which 400M are financed by long term banks credit facility. The projects when acquired will be an immediate source of 15 years sustainable revenues under a Power Purchase agreement at prefixed price.

3Power continue to complete its target capacity of 3GW projects pipeline. The company plans to finance its equity in the projects through placements from selected investors.