4.99 MW Narromine solar farm ownership passes to Ampyr Distributed Energy

Australian renewable energy and battery storage development company MPower Group has sold its 4.99 MW Narromine renewable energy project in New South Wales to Singapore-based Ampyr Distributed Energy via conversion of project funding into equity in the project.

October 11, 2024 Ev Foley

Image: MPower

Sydney-headquartered renewable energy and battery storage development company MPower Group has sold its 4.99 MW Narromine renewable energy project in New South Wales (NSW) to Singapore-based developer Ampyr Distributed Energy via the conversion of project funding into equity in the project.

Located 430 kilometres northwest of Sydney, the project achieved commercial operations in July 2024 and exported more than 1,600 MWh of energy in its first two months of operation, with a total capacity to produce more than 14,000 MWh per year.

Using 12,000 bifacial solar panels, single axis tracking and central inverter technology, the project has the capacity to power 1,500 homes while offsetting 9,921,555 kilograms of CO2.

Ampyr will receive 100% equity in the Narromine project and all funding costs, including principal, capitalised and accrued interest, will be extinguished in full. The principal outstanding under the funding facility as at 30 September 2024, was $10 million (USD 6.7 million).

In 2023, Ampyr Energy funded the $10 million build of the Narromine project.

MPower was responsible for the design and construction of the project and will continue to be the operations and maintenance provider and asset manager in respect of the project.

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