Sydney-based renewables developer MPower Group Limited has commenced proceedings for the sale of its Lakeland solar-storage park in Queensland. The move aims to reallocate capital for the company's prospective expansion plans, as indicated in a recent portfolio update.
In its Tuesday announcement, the company revealed its strategic focus on a portfolio of project opportunities spanning the eastern states of Australia. It disclosed advancements in several schemes across South Australia, Victoria, and New South Wales, while also noting the cancellation of plans for acquiring a renewable energy scheme in Victoria.
The Lakeland complex, situated in Far North Queensland's Cooktown Shire, comprises 10.8 MW of photovoltaic (PV) panels and a lithium-ion battery energy storage system (BESS) of 1.4 MW/5.3 MWh capacity, with potential for further expansion. The facility operates under a long-term power purchase agreement (PPA) with Origin Energy Ltd (ASX:ORG), extending through 2030.
Operating since 2017, the solar-storage park transitioned to MPower's ownership in 2022.
Presently, MPower is in the process of advancing the construction of its 5-MW Narromine PV park in New South Wales, which it acquired last summer and anticipates commissioning later in 2024. The company has also expedited plans to integrate its 4.9-MW Faraday solar park in Victoria with a battery storage facility.
