MPower completed the strategic acquisition of the Faraday renewable energy project

MPower Group Limited (ASX: MPR) announced that it had completed acquisition of the Faraday Renewable Energy Project. The acquisition includes long-term land rights, grid connection, and planning approvals for the 5MW Faraday project. The company purchases this project as it anticipates a robust local energy demand in the Faraday region and attractive future load prospects. This acquisition will help the company to enhance its ability to develop clean energy assets via a targeted acquisition strategy that focuses on high-demand regional areas across Australia.

Total consideration for the purchase is AU$462,000 including GST. The purchase consideration is funded by an unsecured loan to the project entity from the company’s largest shareholder, Tag Private Pty Limited.

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