It is meaningless to compare MPR to NEW.NEW operates...

It is meaningless to compare MPR to NEW.

NEW operates predominantly in the US which is a completely different market. NEW’s two Australian projects are much larger (one is over 50 MW and the other is over 100 MW) - again, completely different market dynamics.

MPR is solely focused on 5 MW projects in the Australian market.

You need to look at AEMO’s regulations and in particular what it means to be an exempt generator.

To your claim about financing: you should note that project finance is non-recourse to the borrower.

Exposure to merchant pricing (NEM spot prices) is the reason for relatively low gearing of 50%. In markets with government-backed feed-in tariffs, it is not uncommon to see much higher gearing. Remember that these are utility-like infrastructure assets.