3Power Energy Enters Into $50 Million Financing Agreement

Prime Sun Power Inc., which has rebranded itself as 3Power Energy Group, has signed a financing and security agreement with CR&P Holding SPA, an Italy-based investment group, for a $50 million secured loan.

The company plans to use the facility to finance PV and other renewable energy projects and prospective acquisitions in Italy, France, Turkey, Albania and Chile. The proceeds of this loan will principally be utilized to finance the equity portion of the first projects from the company's existing pipeline as well as to cover some of the company's operational expenses and predevelopment costs.Â

SOURCE: 3Power Energy

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