MPower Group Limited initiates sale process for Lakeland solar-storage park

Sydney-based renewables developer MPower Group Limited has commenced proceedings for the sale of its Lakeland -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 . It disclosed advancements in several schemes across South Australia, Victoria, and , 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 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.

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