AMPYR Distributed Energy has agreed to acquire a 6.7-MW DC/5 MW AC solar park located in New South Wales, Australia, in a deal that includes converting project debt into equity.
The Narromine Renewable Energy Project will be purchased from MPower Group Ltd, as announced by MPower on Thursday. Following the transaction, ownership of the asset will transfer to AMPYR, extinguishing all associated development costs.
As of the end of September, the principal outstanding amount under the project's funding facility was AUD 10 million (USD 6.7 million/EUR 6.2 million). The conversion of the debt into equity is pending regulatory approval and is anticipated to take effect in the coming months. MPower expects to recognize a gain of approximately AUD 700,000 from the divestment.
The Narromine project features a photovoltaic (PV) farm equipped with bifacial modules and single-axis trackers, designed to generate over 14,000 MWh of electricity annually. The plant commenced commercial operations in July.
MPower, which handled the design and construction of the project, will continue to operate and maintain the PV park and will remain its asset manager.
