- Exclusivity now secured on a total of 10 sites across three states – Victoria, South Australia and now New South Wales
- Objective to deliver initial portfolio of up to 20 sites with aggregate capacity of 100MWac and an estimated value of $150+ million ahead of schedule
- Negotiations underway on purchase agreements for the initial sites
- Significant scale up in Build Own Operate operations continues
Sydney – 6 May 2021 – MPower Group Limited (ASX: MPR)
MPower, Australia’s leading specialist renewable energy, battery storage and microgrid business, is pleased to advise that it has secured exclusivity over its first location in New South Wales, expanding its pipeline of potential Build Own Operate sites to ten.
The addition of the new NSW location further strengthens MPower’s objective to deliver an initial portfolio of up to 20 5MW sites with an estimated value of more than $150 million. The Company advises that the initiative is progressing well ahead of schedule.
5MW solar farms deliver a number of key advantages including:
- No exposure to potential curtailment from the Australian Energy Market Operator.
- Relatively quick to deploy and connect to the grid.
- Multiple sites provide weather, connection, geographic and network diversification.
MPower also advises that negotiation processes for the formal purchase agreements on the initial sites are progressing, with the first contract executions expected in the near term. A number of financial solutions are being pursued to advance the construction phase and interest continues to build from potential funding partners that are seeking exposure to green energy projects with suitable financial metrics and returns. MPower is well placed to capitalise on this in the current low interest rate environment.
Chief Executive Officer Nathan Wise commented: “Securing our maiden NSW site is a very pleasing achievement and our objective to deliver a 20 site portfolio is well ahead of schedule.
“As the total number of sites secured continues to scale, the Company’s focus continues to shift further towards Build Own Operate activities. Deploying more of the Company’s resources to these initiatives is expected to deliver superior returns and unlock considerable value for shareholders in the longer term.
“Locking in formal purchase agreements is an important next step in firming up the portfolio and provides greater certainty that benefits the funding process being pursued.”
Ends
Contact
For further information, please contact:
Nathan Wise
Chief Executive Officer
(02) 8788 4600
Ben Jarvis
Six Degrees Investor Relations
0413 150 448
This announcement has been authorised by Nathan Wise, Chief Executive Officer.
About MPower
MPower Group Limited (ASX: MPR) is a technology-led company with a long history specialising in the delivery of reliable on-grid and off-grid power solutions for blue chip corporate and government customers. Headquartered in Sydney, MPower's team of professionals has successfully delivered turn-key solar, battery storage and micro grid projects across the region.
Comments