Quarterly Report
- mpower
- Apr 30
- 4 min read
For the period ending on 31 March 2025
- MPower and AMPYR Distributed Energy complete the conversion of Narromine’s $10 million project funding facility into project equity
- AMPYR received 100% equity in the Narromine project and all project funding has been extinguished in full
- Gain of approximately $700K expected upon deconsolidation of the Narromine asset
- Agreement reached for the sale of the development assets associated with the Faraday Renewable Energy Project
- Additional finance facilities secured to support the Company’s ongoing operations
- Advancement of the Company’s pipeline of project development opportunities and continuation of active discussions to secure project funding solutions
Sydney – 30 April 2025 – MPower Group Limited (ASX: MPR)
Leading specialist renewable energy, battery storage and microgrid business MPower Group Limited (ASX: MPR) (the Company) is pleased to provide the following report on its activities for the quarter ending 31 March 2025 (Quarter).
The highlights for the March Quarter were the completion of the sale of the Narromine Renewable Energy Project in New South Wales and the advancement of the Company’s development pipeline and efforts to establish a portfolio of distribution-connected hybrid renewable energy assets.
Narromine Renewable Energy Project
On 20 February 2025, MPower completed the sale of the Narromine Renewable Energy Project to AMPYR Distributed Energy by way of the conversion of Narromine’s $10 million project funding facility into project equity.
As a result of the completed transaction, AMPYR received 100% equity in the Narromine project and all funding costs, including principal, capitalised and accrued interest were extinguished in full. The principal outstanding under the funding facility at completion of the sale was $10.36 million.
MPower expects to record a gain of approximately $700K post completion of the transaction upon deconsolidation of the asset, subject to finalisation of the accounting treatment and review by the Company’s auditors. The final position and the sale of the project assets together with the extinguishment of all Narromine project funding liabilities will be reflected in the Group’s full year results.
MPower was responsible for the design and construction of the project and continues to act as the operations & maintenance provider and asset manager in respect of the project.
The Narromine project is a 6.7MWdc/4.99MWac solar project in Central West Orana region of New South Wales. The project includes Bifacial PV Modules, Single Axis Tracking and central inverter technology, with the capacity to produce more than 14,000MWh of energy in its first year of operations.

Image: Narromine Renewable Energy Project (NSW)
Portfolio update
During the Quarter, MPower continued to bolster its pipeline of project development opportunities following active discussions with several project development groups. The Company has refined its strategic approach to distribution-connected hybrid renewable energy projects, including its approach to project design, project delivery, offtake, geographic focus and project funding. MPower is actively seeking to align its strategy, pipeline and capabilities with project funding to support the rollout of projects and the establishment of a portfolio of hybrid renewable energy assets.
Also during the Quarter, MPower reached agreement for the sale of the development assets associated with the Faraday Renewable Energy Project. The transaction is conditional on meeting a number of conditions precedent that are typical for a transaction of this nature. The estimated proceeds from the sale are approximately $0.5 million and the transaction is expected to complete in the coming months.
Additional information on Appendix 4C
Cash receipts during the Quarter were $1,192K, being a reduction from the previous period which included cash receipts from the Narromine project for the full quarter. Receipts predominantly comprise revenues generated through the Company’s service and maintenance activities, together with the sale of clean energy and associated renewable energy certificates from the group’s clean energy assets at Lakeland (QLD) for the full Quarter and Narromine (NSW) for part of the Quarter until the asset was disposed on 20 February 2025.
In respect of the cashflows associated with Narromine:
As the Narromine project has been 100% owned during the construction period, cashflows associated with construction are shown under investing and financing activities rather than operating activities.
Cashflows from the sale of clean energy from Narromine project are included until 20 February 2025 when completion of the sale of the project occurred (refer above) and are shown in cashflows from operating activities. At completion of the sale, the project’s cash balance transferred with the project and is shown under investing activities.
The main operating cash outflows were operating costs of $1,017K and staff costs of $440K (which excludes some related party remuneration costs that have been deferred by agreement). Net cash outflows from operating activities during the Quarter was $406K, representing a reversal of the net cash inflows of $368K in the previous quarter.
Funding
As previously reported, the commencement of future projects, either with third parties or in conjunction with funding partners as part of MPower’s Build Own Operate strategy, is important as MPower’s cash resources (principally being its operating cashflow from its service activities and the sale of renewable energy) continue to be stretched to meet its operating costs at its current level of activity, which is not sustainable in the long-term.
In the meantime, the Company is reliant on its funders for ongoing support. After the Quarter, the Company and Tag Private agreed terms to increase the existing unsecured loan facility limit of $2.0 million to $2.5 million to be made available for working capital purposes. This is in addition to an earlier loan between Tag Private and MPower Capital with a facility limit of $1.25 million. The total amount owing to Tag Private under the two loans, including accrued interest at 31 March 2025 was $3.43 million.
Payments to related parties
Payments of $27K to related parties and their associates relate to remuneration payments made to the directors of the Company.
Ends
Contact
For further information, please contact:
Nathan Wise
Chief Executive Officer
(02) 8788 4600