Here’s why ASX solar stock MPower Group (ASX:MPR) gained 30% this morning

It hasn’t been as good a time to be an ASX solar stock as you might imagine. Despite the growth in renewable energy, companies in the renewable energy space have missed out because they tend to be small-cap companies with a more limited market share.

But MPower (ASX:MPR) has gained 30% this morning after making a handsome profit on a solar farm in North Queensland.

What are the Best ASX stocks to invest in right now?

Check our buy/sell tips on the top ASX stocks

This ASX solar stock made a good return

The Lakeland Solar Project was picked up by MPower barely 12 months ago and it has just been flipped. It consists of a 10.8MWac solar farm and an associated 1.4MWac/5.3MWh lithium-ion battery storage facility.

Thanks to operational efficiencies made at the project, it generated 18GWh of clean energy and $1.7m in revenue during the 12 months of ownership.

MPower has now sold the project for $12.7m, resulting in a $6.1m profit that will be recognised in its FY23 results.

A good time for shareholders

This news has capped off a big few months for the company. It secured a strategic partnership with clean energy infrastructure provider Evergen, secured a $10m project funding facility.

Nonetheless, it is a risky penny stock capped at $7.7m. There are less riskier stocks out there to profit from the growth in renewable energy technologies.

Stocks Down Under Concierge is here to help you pick winning stocks!

The team at Stocks Down Under have been in the markets since the mid-90s and we have gone through many ups and downs. We have written about every sector!

Our Concierge BUY and SELL service picks the best stocks on ASX. We won’t just tell you what to buy – we give you a buy range, price target and stop loss level in order to maximise total returns. And we will only recommend very high conviction stocks where substantial due diligence has been conducted.

Our performance is well ahead of the ASX200 and All Ords.

You can try out Concierge … for FREE.

GET A FREE TRIAL TO CONCIERGE TODAY

There’s no credit card needed – the trial expires automatically.