The MPower Group Ltd (ASX: MPR) share price is soaring in mid-afternoon trade following the announcement of another grid connection. At the time of writing, the technology company's shares are swapping hands for 14 cents, up 7.7%.
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What did MPower announce?
Investors are pushing the MPower share price higher after appearing pleased with the company's latest update.
According to its release, MPower advised that it has successfully connected a 5MWac solar project to the national electricity grid in Kadina, South Australia. MWac stands for mega-watt alternating current, a commonly used term to measure power from solar PV panels.
The company noted that this is the fifth 5MW solar project that it has connected to the grid. Last week, MPower linked the South Hummocks solar project, highlighting its ability to deliver on multiple works at any time.
It's expected that commercial operations at the solar plant will begin within the coming weeks.
Words from the CEO
MPower CEO Nathan Wise touched on the company's significant achievement, saying:
It's great to see MPower achieve another successful milestone on a 5MW solar project. The successful delivery of renewable energy projects highlights MPower's capability and dependability bringing projects of this size to market, on time and to budget.
MPower is actively building a pipeline of 5MW solar project sites and currently has exclusivity over six sites. We are looking to create an initial portfolio of up to 20 renewable energy assets with an aggregate capacity of 100MWac and an estimated value of more than $150 million once fully constructed.
MPower share price summary
The MPower share price has accelerated over the past 12 months, up 1,650%, and more than 160% year-to-date. Additionally, the company's shares are within sights of reaching its multi-year high of 16.5 cents.
Based on the current share price, MPower commands a market capitalisation of roughly $25.4 million, with 181.8 million shares outstanding.
