- Renewable energy, battery storage and microgrid business MPower (MPR) acquires the Lakeland Solar & Storage Project
- Located in Queensland, the Lakeland Project comprises a 10.8 megawatt alternating current (MWac) solar farm and a 1.4MWac lithium-ion battery storage facility
- MPower will look to upgrade existing project infrastructure and implement its proprietary solution for controlling and monitoring renewable energy markets
- Through the acquisition, MPower expects to generate annual revenue of around $1.8 million expects Lakeland to contribute annual earnings before interest, tax, depreciation and amortisation of around $800,000
- MPower is steady on the market with shares trading at 2.3 cents at 3:50 pm AEST
Renewable energy, battery storage and microgrid business MPower (MPR) has acquired the Lakeland Solar & Storage Project.
Located in Queensland, the Lakeland Project comprises a 10.8 megawatt alternating current (MWac) solar farm and a 1.4MWac lithium-ion battery storage facility.
Lakeland has been operating since 2017 and has a future operating life of 20 years.
MPower will look to upgrade existing project infrastructure and implement its proprietary solution for controlling and monitoring renewable energy markets.
Through the acquisition, MPower expects to generate annual revenue of around $1.8 million via the sale of energy and large-scale generation certificates.
Further, MPower expects Lakeland to contribute annual earnings before interest, tax, depreciation and amortisation of around $800,000.
The transaction has an enterprise value of $8 million with deferred consideration of up to $350,000 over a three-year period following completion and the assumption of an existing $7.66 million debt facility.
MPower was steady on the market with shares trading at 2.3 cents at 3:50 pm AEST.