It was just this last weekend that we published a story about a little known company, 3Power Energy Group Inc (OTCMKTS:PSPW), with a market cap of just $13.75 million, who’s aiming to become a hydropower powerhouse in the Balkans. We noted that the company, which is backed by the multi-billion dollar Falak Holding Group, may be ready to move forward with a plan that’s been in the works for years.
Well, the very next day we uncovered an interesting piece of the puzzle. Interenergo Albania, the consortium holder for 3Power Energy Group’s (OTCMKTS:PSPW) concession rights to the Shala Project, received approval by the government of Albania for the construction of their proposed hydropower plants.
What this ultimately means is that things are finally moving forward as a major hurdle has just been overcome for 3Power, thanks to government approval for the construction of these projects along the Shala River. While we have no idea what the company’s timeline will be for financing these projects and then moving forward with construction and ultimately the generation of revenue, this news should go a long way to ease some of the concerns that shareholders have had over the last few years.
It will now be interesting to see if Falak Holding Group can use their influence and power to raise the necessary capital required for multiple hydro projects over the coming years. One would assume that financing will not be a problem considering the fact that approximately two and a half years ago Falak Properties received approval for a $3 billion credit facility for various renewable energy projects. Although the company ended up never using this credit facility, it proved that money was something that was seemingly easy to come by for this powerful group. Once financing does hit, if favorable to shareholders, which likely will be the case given Falak Holding’s 45% stake in 3Power, one would assume that current shareholders will be well rewarded. We will be waiting to see if the new PLC’s that the company recently created as well as their new websites are updated in the weeks and months ahead. Also important will be key filings indicating any financing as well as material information pertinent to the company, who has been incredibly mum over the last several years.
The stock increased 37.50% or $0.015 on December 31, hitting $0.055. About 82,470 shares traded hands or up 220.73% from the average. PSPW has risen 50.00% since May 29, 2015 and is currently uptrending. It has outperformed the S&P500 by 53.01%.
3Power Energy Group, Inc. is a development-stage company. The company has a market cap of $13.75 million. The principal planned business of Company is to sell electricity generated by solar, wind, hydro, biomass and other renewable energy resources and to develop, build and operate power plants based on these technologies. It currently has negative earnings. The core approach of the Company’s planned business is to deliver energy in markets where there is an inherent energy gap between supply and demand or where there exists 1 term, stable, government-backed financial support for the development of renewable energy.