Renewable energy and battery storage development company MPower Group (ASX:MPR) has established a project funding relationship with a global renewable energy investment firm, AMPYR Energy.
MPower reports this will help to fund the growth of its national Build Own Operate portfolio of solar power and battery storage projects being rolled out across Australia.
The agreement will provide MPower with a flexible funding solution to expand its asset portfolio on a project-by-project basis, in alignment with its stated development strategy to build a national network of regional clean energy supply hubs.
“The agreement with AMPYR Energy provides MPower with the financial framework required to commence portfolio construction…”
Additionally, an agreement has been executed for the first $10 million in funding, which is for MPower’s clean energy project in Narromine, New South Wales. This is expected to be fully operational during summer of 2023-2024.
MPower Chief Executive Officer (CEO) Nathan Wise said: “The agreement with AMPYR Energy provides MPower with the financial framework required to commence portfolio construction and reflects a vote of confidence from one of the world’s leading multinational renewable investment groups.
The innovative funding model has been designed to provide the company with funding flexibility in the design and construction phase while allowing both parties to participate in the upside from the long-term supply of renewable energy to major power grids across Australia.”
In addition, AMPYR Energy Australia Director Ben Salmon says: “We are excited to be expanding our renewable energy activities in Australia where we see enormous opportunities emerging from the transition to clean energy.
AMPYR Energy is proud to be partnering with MPower on the Narromine Renewable Energy Project, which we hope will be the first of multiple projects in an ongoing partnership.”
The company is responsible for project design and construction across its asset portfolio, as well as earning ongoing revenue from operations in accordance with its stated BOO strategy.
MPower Group is a technology-led company headquartered in Sydney. The company specialises in the delivery of reliably on-grid and off-grid power solutions for blue chip corporate and government customers.