MPower Group Limited completed the acquisition of the Faraday Renewable Energy Project. In line with MPower's Build-Own-Operate (BOO) program to establish a distributed portfolio of exempt solar energy and battery storage projects across Australia, the acquisition comprises the long-term land rights, grid connection and planning approvals for the 5MW Faraday project. Located in Faraday, Victoria, approximately 116km north-west of Melbourne, the Faraday project will supply clean energy to the local region via a network of 11,000 Bifacial Photovoltaic (PV) solar panel modules.

In aggregate, the modules have the capacity to produce more than 11,500MWh of electricity in the project's first year of operation. The project will have capacity to power upwards of 1,500 homes. It will also operate with an estimated carbon offset contribution of 8,150,000kg CO2.

Selected by MPower because of the outlook for strong local energy demand in the Faraday region and attractive future load prospects, the completion of the acquisition is confirmation of MPower's ability to develop clean energy assets through a targeted acquisition strategy that focuses on high-demand regional areas across Australia.