Power Group (ASX:MPR) has established a project funding relationship with a global renewable energy investment firm to provide 100% financing of its clean energy projects.
The first project to be funded is the Narromine Renewable Energy Project in New South Wales, Australia, with an initial $10M facility for an 18 month term and a 12.25% interest rate.
Power Group is now looking to expand its funding to additional clean energy projects in its portfolio, with the goal of creating a national network of regional clean energy supply hubs.
Its share price is currently up 18% on the news.