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MPower (ASX:MPR) up 108pc after securing $4M solar farm contract
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  • MPower (MPR) has seen a 108 per cent jump in its share price after securing a second $4 million solar farm contract with Astronergy
  • The contract will see MPower provide full design and construction works to this second 5MWAC solar farm in South Australia
  • The company signed the first contract with Astronergy's subsidiary in late March which was valued at over $4 million
  • The two solar farm projects are expected to be completed by the end of the year
  • MPower's shares have jumped 108 per cent and are trading for 2.5 cents each

MPower (MPR) has executed its second contract with a subsidiary of Astronergy Solar Australia for a second 5MWAC solar farm in South Australia.

This contract will see MPower provide full design and construction works to this second solar farm. The contract is valued at over $4 million and brings the total value of MPower and Astronergy contracts to just shy of $9 million.

The first full design and construction contract in respect of the first 5MWAC solar farm was secured on March 31, 2020.

MPower is a leading specialist in the renewable energy, battery storage and microgrid sectors.

"It is very pleasing to further develop our relationship with a bluechip company like Astronergy. Solar farm projects of this size are directly in line with MPower’s stated strategy and core competency," MPower CEO Nathan Wise said.

MPower has a particular interest in targeting solar projects of this size due to their relative ease in grid-connection. Last year, the company successfully commissioned two 5MWAC solar farms at Mannum and Port Pirie in South Australia and continually pursues further projects in this niche area.

Solar farms play a vital role in reducing greenhouse gas emissions that contribute to global warming. They also save on electricity and are relatively easy to maintain.

"MPower has a market-leading capability in the successful delivery of 5MW solar farms and continues to strengthen its order book in the growing renewable energy sector," Nathan added.

The two solar farm projects are expected to be completed by the end of the year.

MPower's shares have jumped 108 per cent and are trading for 2.5 cents each at 1:50 pm AEST.

MPR by the numbers
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