– Order book strengthens with next phase of works program booked
– Potential total contract value of more than $8M
– Pipeline of renewable energy projects building favourably
Sydney – 22 October 2018 – Tag Pacific Limited (ASX: TAG) (Tag) is pleased to advise that its wholly-owned subsidiary, MPower Projects Pty Limited (MPower), a specialist renewable energy, battery storage and microgrid business, has secured the next stage of a 5MW solar farm being developed by Renew Power Group Pty Limited (RPG) in Port Pirie, South Australia, having signed a Subsequent Early Works Agreement, as first reported on 14 September 2018.
This next stage brings the total value of work for the Port Pirie Solar Farm to $1.4 million, including the $100K Early Works Agreement awarded in September 2018.
MPower and RPG are in the process of finalising a full Engineering, Procurement and Construction contract for the Port Pirie Solar Farm which is estimated to have an ultimate total contract value to MPower of between $8 million to $9 million.
The Port Pirie Solar Farm adds to MPower’s committed order book which is expected to increase on the back of MPower’s business development strategy to target selected renewable energy opportunities.
Tag’s Chief Executive Officer Nathan Wise commented: “MPower continues to strengthen its order book and moving to the next stage on the Port Pirie Solar Farm is a welcome development.
“This is an innovative project that will showcase the latest renewable technologies, and once constructed, will deliver reliable and dependable power generation to the Port Pirie community for many years.
“MPower is benefiting from strong demand for decentralised renewable power generation projects. In addition, projects such as the recently announced Kogan Creek standby facility and other late-stage prospects are strong indicators of MPower’s unique sector capabilities.
“MPower’s extensive experience and track record in specialised renewable power projects is notable in the sector. The stability and dependability of power, both in standalone microgrid situations and when connected to the National Electricity Market is of critical importance. We look forward to reporting on more contract wins shortly.”