3Power Energy Group has signed an agreement to acquire two wind energy projects with a total capacity of 58MW in Chile.
3Power is currently finalizing negotiations on the power purchase agreements and debt financing provisions for the power projects.
The vendor is in the process of finalizing all the necessary regulatory and statutory agreements together with all permissions required for development of the wind facilities.
3Power will provide the equity financing via the $50m credit facility provided by CR&P Holdings previously announced on 11 March 2011.
Upon closing, the company intends to transfer the wind projects to a recently formed Chilean subsidiary, 3Power Energia.
3Power has also signed a letter of intent for the acquisition of a 47MW wind facility in Ecuador to be developed and has made significant progress on the license acquisitions in Albania.