MPower Group Limited (ASX: MPR) has completed the acquisition of the Faraday Renewable Energy Project, located in Faraday, Victoria.
The project includes 11,000 Bifacial PV Modules and covers a land area of 14ha.
It has the capacity to produce more than 11,500MWh of electricity per annum and power upwards of 1,500 homes, with a carbon offset contribution of 8,150,000kg CO2.
The purchase price of the project was $462,000 including GST, funded by an unsecured loan from MPower's largest shareholder.
MPower plans to initiate optimization strategies and its proprietary control and monitoring solution when construction begins later this year.
The completion of the project marks another important step forward in MPower's long-term Build Own Operate (BOO) development strategy.