Ann: MPower Expands Pipeline of Renewable Energy Sites to Nine, page-15

MPR is transitioning from a service provider to third parties to an owner-operator. This is an ongoing process and has been communicated to the market for some time (see for example the 2020 Annual Report). During this transitional phase it is not surprising to see lower revenues. An investment in MPR should be forward looking, focused in the first instance on the potential returns of developing, building, owning and operating an initial 100 MWac portfolio of solar power generation assets. This is an emerging utility/infrastructure play with the prospect of stable cash flows (and dividends to equity holders) similar to other companies in the generation sector. Project debt funding is readily available but availability of funds for the equity portion of project construction costs will be the key driver of timing. From company announcements it sounds like MPR will bring in equity partners which will speed up the build-out. My expectation is that the build-out of the initial 100 MWac portfolio will take 24 months to complete. During this period, cash flows from individual projects will start to be generated as they are connected to the grid and begin exporting electricity. All IMO and GLTAH.