Granted it is a conceptual play at the moment - a micro cap...

Granted it is a conceptual play at the moment - a micro cap company embarking on a new strategy to build its own portfolio of 5 MW solar PV farms that they will own and operate. They have a solid track record of getting 5 MW projects up and running - on behalf of third party customers (other industry players).

They are focusing solely on 5 MW projects (at this point in time) as this exempts them from being subject to centrally controlled dispatch by the AEMO (ie. potential curtailment).

During this transitional phase when the company is focused on developing and building its own farms, revenues will be reduced as has already been seen in the latest quarterly report. Some level of revenues will continue from provision of ongoing O&M services to third party customers. New revenues from export of electricity will only commence when a new farm is commissioned.

Funding will be the key constraint on how quickly they can complete projects. My research indicates that project finance debt for 5 MW solar PV projects in the Australian market is available at gearing of 50% LTV with drawdown upon commissioning (note it is 50% LTV which tends to exceed 50% of construction costs under ordinary circumstances). Drawdown upon commissioning means MPR (and/or another funding partner) will have to bridge the construction costs up until that point. Anything smaller than 5 MW is generally of limited interest to lenders.

MPR is not going to be everyone's cup of tea. There are risks but a lot of potential if they deliver on their strategy. IIG manage Australian solar investment funds - although not listed comparables, this is probably one of the better places to look for information relevant to what MPR are trying to do. MPR is unique however due to its sole focus on 5 MW projects.

Only time will tell if MPR can deliver. See you in 12 months time.

All IMO and GLTAH.