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LPE secure solar bank backing

22 March 2022
ASX: LPE
Jack Baker

Locality Planning Energy has gained financial support from Australian renewable lender Plenti Group for a domestic Solar Bank energy system capable of storing gigawatts of the sun’s power.

Many, predominantly coal-based power generators, are already struggling with near zero or negative wholesale prices for electricity during the day as renewables flood onto the system.

The visionary plan will allow retail customers to compete with traditional power generators to sell excess power back to commercial users for a slice of the action.

Additionally, the scheme allows retail customers to pay off their power systems while reducing grid dependence.

The company sees the move as a natural partnership between buyer and seller with a similar strata scheme showing significant cost savings for businesses.

“We have created another win-win outcome, this can potentially double the margin on supplying grid electricity, together with receiving a supply and install fee, while reducing customers’ electricity costs and has the potential to create significant value for shareholders,” chairman Justin Pettett said.

The future-minded provider is meanwhile targeting an expanded market range of customer sales.

LPE’s Australian Stock Exchange-listed price was trading at 7.1c today (9:18 am UTC+ 8 hours).

COMPANY OVERVIEW

LPE is a fast-growing electricity provider challenging the way customers receive their electricity, going beyond being just a traditional supplier, we are leaders in innovation supporting strata communities to think of tomorrow.

COMPANY INFORMATION

ASX: LPE

Website

https://localityenergy.com.au/
https://www2.asx.com.au/markets/company/lpe

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