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LPE eye transformative year

26 September 2022 09:30
ASX: LPE
Solar farm

Locality Planning Energy have brought $17.8 million up to the front after realising its hedge position — retiring all debt and moving to $3m in net cash.

It now has the working capital to advance on the stable strata business and develop huge growth potential of vertically integrated renewable assets.

With an organically expanding customer base, the energy provider are committing focus on building up its embedded network with the 2023 financial year earmarked as transformative, with a key driver of on-site renewable generation.

And construction of the Bundaberg BioHub facility proceeds in Queensland, with anchor tenant STAK Mining all set to begin commercial crypto operations before year’s end, with LPE supplying renewable energy while retaining an option for a 50 per cent stake.

The company said it had assessed various strategic trade offs and the move greatly outweighed the benefits of waiting for cash flows to settle over the next two years.

“Enables management to fully focus on continuing to optimise the stable strata business and develop the exciting vertically integrated renewable energy assets opportunity,” chairman Justin Pettett said.

Revenues of around $40m are targeted for the 2023 financial year through the company’s core strata service.

LPE’s Australian Stock Exchange-listed share price has risen 10.91 per cent today, currently trading at 6.1c (9.29 am UTC+ 8 hours).

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