MPower Group Limited to Acquire the Lakeland Solar & Storage Project in Far North Queensland
scale renewable energy asset. MPower has entered into a Share Purchase Agreement with Kawa Australia Developments Pty Limited to acquire 100% of Lakeland Solar & Storage Pty Ltd, the owner of the Project. The transaction has an enterprise value of $8 million, comprising deferred consideration of up to $0.35 million over a three-year period following completion and the assumption of an existing $7.66 million limited recourse long-term debt facility in
place with German bank, NORD/LB, one of Europe's largest renewable energy project finance banks. The equity required for the transaction will be internally funded. The transaction is subject to a number of conditions, including third party consents being obtained and the finalisation of amendments to the existing debt facility structure. The acquisition is expected to be completed by the end of June 2022. The Project is strategically aligned to MPower's portfolio and fast tracks the Company's plans to own and operate a distribute portfolio of Australian renewable energy assets. The Project's lithium-ion battery storage capacity further enhances the Company's capability to own and manage assets in the burgeoning battery storage sector. The Project also expands MPower's geographic footprint, adding Queensland to the Company's existing development projects in New South Wales, Victoria and South
Australia.