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