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Quarterly Report

For the period ending on 31 March 2024



- Key milestones achieved in the construction of the Narromine Renewable Energy Project (NSW)


- Delivery of solar PV modules together with single axis tracking equipment for the Narromine project, the first supply under a strategic Master Supply Agreement struck with Trina Solar


- Completion of the Narromine project is on track, with key materials procured, detailed design completed and site establishment and civil works underway


- Expansion of the MPower’s development team to support the continued development of the Company’s project pipeline


- Significant time and resources dedicated to project funding initiatives for the rollout of MPower’s multi-project clean energy portfolio



Sydney – 29 April 2024 – MPower Group Limited (ASX: MPR)



Leading specialist renewable energy, battery storage and microgrid business MPower Group Limited (ASX: MPR) is pleased to provide the following report on its activities for the quarter ending 31 March 2024 (Quarter).


Operational activities in the March Quarter were highlighted by the key advancements associated with the construction phase of the Narromine Renewable Energy Project in New South Wales, building on the project acquisition finalised in 2023 and leveraging the Master Supply Agreement with Trina Solar secured in the last quarter.


MPower also continued to pursue its project development strategy during the Quarter by bolstering its in-house development team and advancing project funding initiatives to support the rollout of MPower’s clean energy portfolio of solar PV and battery storage projects across Australia.


Narromine Renewable Energy Project – construction update


During the Quarter, MPower achieved a number of key objectives in the delivery of the construction phase of Narromine Renewable Energy Project in New South Wales. Site mobilisation occurred, including the establishment of a site office and amenities, and site clearing was completed during the Quarter.


A further milestone was achieved during the Quarter with the appointment of a civil contractor and the commencement of civil work on site. Civil works for the project include site preparation and the establishment of an access track and internal roads.


The Narromine Renewable Energy Project is a 6.7MWdc/4.99MWac solar project in central-west New South Wales. The project includes over 12,000 Bifacial PV Modules with the capacity to produce more than 14,000MWh of energy in its first year of operations. The acquisition of 100% of the rights to the Narromine project was completed in August 2023 and construction of the project is being funding via a $10 million facility with AMPYR Energy, a global renewable energy development and investment firm.


Image 1: Site clearing and access works underway at Narromine, NSW


Image 2: Site establishment at Narromine, NSW


Solar PV modules together with single axis tracking equipment for the Narromine project have been delivered, the first supply under a Master Supply Agreement struck with Trina Solar last quarter. The strategic agreement allows MPower to build pricing certainty into its supply chain, with the benefits of economies of scale and flexible implementation on a project-by-project basis to best assist its planned rollout of utility-scale solar farms across Australia’s eastern states.


With all key materials procured, detailed design completed and site establishment and civil works underway, the Narromine project is on track for successful connection to the Essential Energy distribution network and completion this year, at which point the project will earn revenue from the generation and export of clean energy and the creation of renewable energy certificates.


Investment outlook


Beyond the Narromine project, the Quarter’s activities included the continued advancement of MPower’s development pipeline for the Company’s broader project portfolio. MPower is targeting a portfolio of over 30 utility-scale solar and battery projects across Australia’s eastern states and has a solid foundation to accelerate growth in 2024 and beyond.


MPower bolstered its development team during the Quarter to support its portfolio ambitions, and is considering non-dilutive project acquisition opportunities where the Company’s project delivery and maintenance capabilities can enhance asset performance and returns. 


Significant time and resources have been dedicated during the Quarter to progress MPower’s project funding plans for the Company’s existing and future project portfolio. The combination of the Company’s existing shovel-ready projects together with earlier stage line-of-sight project opportunities provides an attractive platform through which capital can be immediately deployed and subsequently supplemented over time. There is increased market recognition of the inherent capacity within Australia’s distribution networks and MPower is well placed for growth in this sector.


Financial overview


Cash receipts during the Quarter were $1,185K which were derived from the ongoing revenues generated through the Company’s service and maintenance activities, together with the sale of clean energy and associated renewable energy certificates from the Company’s 100% owned project at Lakeland, Queensland. Receipts from the energy to be generated by the Narromine project, together with other projects in MPower’s pipeline, are expected once projects are completed and commence commercial operations.


The main operating cash outflows were operating costs of $306K and staff costs of $836K, including resources involved in the delivery of the Narromine project. Net cash used in operating activities during the Quarter was $171K which includes costs associated with project construction activities that are capitalised as assets on the consolidated balance sheet.


Chief Executive Officer Nathan Wise commented: “The significant progress made during the March quarter at Narromine is a testament to the planning and detailed design capabilities of the MPower team, with project finalisation and the export of clean energy remaining on track for this year.”


“The recent bolstering of internal development capability supports our broader project development ambitions to rollout a decentralised portfolio of 30+ clean energy hybrid projects across Australia’s eastern distribution networks. We look forward to providing further updates on the portfolio and our progress in the months ahead.”


Payments to related parties


Payments of $209K to related parties and their associates relate to remuneration payments made to the directors of the Company and interest payments on loan facilities.





For further information, please contact:


Nathan Wise                      

Chief Executive Officer

(02) 8788 4600


Ben Jarvis

Six Degrees Investor Relations

0413 150 448

This announcement has been authorised by the board of MPower Group Limited.


About MPower

MPower Group Limited (ASX: MPR) is a technology-led company with a long history specialising in the delivery of reliable on-grid and off-grid power solutions for blue chip corporate and government customers. Headquartered in Sydney, MPower's team of professionals has successfully delivered turn-key solar, battery storage and micro grid projects across the region.



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