- Renewable energy company MPower (MPR), has executed a $4 million solar farm contract with a subsidiary of Astronergy Solar Australia
- An Engineering, Procurement and Construction contract has been put into action at one of the two solar farm projects that MPower has begun working on
- MPower will complete the design and construction of the solar farm
- Another contract is being worked on for the second farm and construction of both is expected to be completed this year
- The company is now pursuing further projects to strengthen its order book and balance sheet
- MPower has ended the day up a steady 20 per cent with shares trading for 1.2 per share
Renewable energy company MPower (MPR), has executed a $4 million solar farm contract with a subsidiary of Astronergy Solar Australia.
Both companies have put an Engineering, Procurement and Construction contract into action at one of the two solar farm projects that MPower began working on in January 2020.
MPower will complete the design and construction of a 5MWac (mega-watt, alternating current) solar farm in South Australia.
Mega-watt, alternating current is a type of measure of power output from solar panels.
Sourced: MPower
In 2019, MPower successfully commissioned two 5MWac solar farms at Port Pirie and Mannum in South Australia.
The company is targeting 5MW projects as they are relatively easy to connect to the grid.
In relation to the second solar farm the MPower began working on in January 2020, MPower and Astronergy are working towards another Engineering, Procurement and Construction contract.
The construction of these two solar farm projects is expected to be completed this calendar year.
The company is now pursuing further projects to strengthen its order book and balance sheet.
“Working with a blue-chip company like Astronomy on these solar farm projects is very exciting and is directly in line with our stated strategy of pursuing solar farm projects of this size with asset owners,” MPower CEO Nathan Wise said.
“MPower has developed an enviable capability in the successful delivery of 5MW solar farms and continues to strengthen its order book in the growing renewable energy sector,” he added.
MPower has ended the day up a steady 20 per cent with shares trading for 1.2 per share in a $1.588 million market cap.