Australian industry superannuation fund Rest has increased its commitment to MPower, the small solar and battery platform acquired by Wollemi Energy Group last year, to $250 million, backing in the rapid-fire renewable energy developer’s “next phase of growth.”
The expanded commitment builds on the existing relationship between Rest and Wollemi, announced in July 2025, when Rest committed $US150 million, or around $A230 million, to back Wollemi’s decarbonisation and next-generation infrastructure investment strategy.
Wollemi subsequently acquired MPower in September of last year, a leading provider of distributed power solutions focusing on small utility-scale solar farms and battery energy storage systems (BESS).
Since its acquisition by Wollemi, MPower has substantially scaled up its development activities and now boasts projects currently under construction across three states and a further project pipeline under active development.
Rest’s expanded commitment now sits at $A250 million, helping to bring the total capital committed to the MPower platform to $A350 million.
“Many of our members have decades until retirement, including around one million under 30, so we look for investment opportunities that can support members throughout their lives, while benefitting from the major economic and societal shifts expected to shape the future,” said Marina Pasika, Rest’s general manager.
“We believe this commitment to Wollemi and MPower will generate significant long-term returns for our members given Wollemi’s approach to advancing decarbonisation,” says Pasika.
“This represents an exciting opportunity for our members to benefit from the energy transition as we seek out opportunities to grow their super balances over the coming decades.”
MPower has successfully delivered solar, BESS, and hybrid systems across Australia as well as in the South Pacific, such as in Samoa and the Cook Islands.
“Today’s announcement strengthens Wollemi’s position as a long-term investor in scalable, distributed renewable energy infrastructure,” said Paul Hunyor, Wollemi Capital co-CEO.
“This sets MPower up for its next phase of growth – more projects under construction, more batteries on the ground.”
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Joshua S Hill
Joshua S. Hill is a Melbourne-based journalist who has been writing about climate change, clean technology, and electric vehicles for over 15 years. He has been reporting on electric vehicles and clean technologies for Renew Economy and The Driven since 2012. His preferred mode of transport is his feet.
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