MPower acquires 5-MW shovel-ready solar project in Victoria

Sydney-based MPower Group Ltd (ASX:MPR) has acquired a 5-MW solar project with a shovel-ready status in the Aussie state of Victoria, the renewable energy project developer said on Monday.

The Faraday scheme calls for the installation of over 11,000 bifacial photovoltaic (PV) modules roughly 100 km (62 miles) northwest of Melbourne. MPower has paid AUD 462,000 (USD 324,700/EUR 299,400) to become its owner under a deal with the original developer Tetris Energy.

The acquisition, supported by debt from MPower’s largest shareholder Tag Pvt Pty Ltd, was carried out in line with the company’s growth plans and a strategy to expand its earnings-accretive project portfolio. The buyer noted that apart from the project development rights, the deal also covers long-term land rights to the 14-ha (34.6-acre) site and grid connection and planning approvals.

Once in operation, the Faraday solar plant will be able to produce over 11,500 MWh of electricity a year, or enough to supply 1,500 homes. Its construction is due to be launched later this year.

MPower noted it has sealed binding agreements to buy two similar projects in New South Wales and Victoria, which are nearing the read-to-build phase.

(AUD 1.0 = USD 0.703/EUR 0.648)

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