Sydney-based renewable energy company MPower announced on Monday that it had completed the acquisition of the 5MW Faraday Renewable Energy Project in central Victoria.
The shovel-ready 5MW solar project is located in the township of Faraday, east of Castlemaine and 116 north-west of Melbourne, and will include more than 11,000 bifacial PV modules.
Once completed, the project is expected to produce more than 11,500MWh of electricity each year, enough to power in excess of 1,500 homes in the region.
Construction is planned to get underway later this year, according to MPower, which bought the project from local developer Tetris Energy.
The acquisition of the Faraday Renewable Energy Project is part of MPower’s larger plans to establish a portfolio of solar and battery storage projects across Australia.
The acquisition announced this week will see MPower take ownership of the long-term land rights, grid connection, and planning approvals.
MPower is also planning to implement a number of its own optimisation strategies for the Faraday project, including the use of its proprietary control and monitoring solution, which has been specifically tailored to renewable energy projects.
“We are pleased to confirm the successful completion of this Asset Purchase Agreement, following an extensive period of collaboration with the project vendors and local authorities,” said Nathan Wise, MPower’s CEO.
“The Faraday site is directly aligned with our stated strategy to build a network of efficient 5MW projects that can supply stable clean energy to regional areas with strong demand.
“We are very encouraged by the corporate and operational progress we have made in recent months and look forward to providing more meaningful updates for both Faraday and our broader portfolio strategy in the current quarter.”
