MPower eyes sale of Queensland PV-storage site to fund growth

Sydney-based renewables developer MPower Group Limited (ASX:MPR) has started a process for the sale of its Lakeland solar-storage park in Queensland, aiming to recycle capital for its future expansion.

In a portfolio update on Tuesday, the company said it is has a pipeline of project opportunities across the eastern states of Australia and is advancing several schemes it has developed in South Australia, Victoria and New South Wales. Meanwhile, it has cancelled plans for purchasing a renewable energy scheme in Victoria.

The Lakeland complex in Far North Queensland’s Cooktown Shire consists of 10.8 MW of photovoltaic (PV) panels and a lithium-ion battery energy storage system (BESS) of 1.4 MW/5.3 MWh that can be further expanded. The site is operated under a long-term power purchase agreement (PPA) with power and gas producer Origin Energy Ltd (ASX:ORG) running through 2030.

The solar-storage park has been in operation since 2017. MPower became its owner in 2022.

Currently, MPower is advancing the construction of its 5-MW Narromine PV park in New South Wales, which it bought last summer and expects to commission later in 2024. The company said it has also accelerated its plans to couple its 4.9-MW Faraday solar park in Victoria with a battery storage facility.

Choose your newsletter by Renewables Now. Join for free!