Rest lifts MPower backing to US$161.8M in solar and battery play
What's the deal? Australian superannuation fund RestDealroom has a profile for this one. Try Dealroom → has expanded its commitment to MPowerDealroom has a profile for this one. Try Dealroom → — the renewable energy and battery storage developer owned by Wollemi Energy Group — to US$161.8M. That brings total capital committed to the platform alongside Wollemi CapitalDealroom has a profile for this one. Try Dealroom → to US$226.5M.
What's the endgame? MPower builds distributed, network-connected solar and battery projects, adding capacity where it is needed as the National Electricity Market shifts from fossil fuels to renewables. The larger commitment is meant to scale that pipeline. MPower already has projects under construction across three states.
Why now? The move builds on Wollemi's September 2025 acquisition of MPower and its initial pledge of more than US$64.7M to the developer's pipeline. It follows Rest's US$150 million commitment to Wollemi in 2025, part of a portfolio that includes bioenergy venture KalfreshDealroom has a profile for this one. Try Dealroom →. The timing fits a fast-growing storage market, with the Clean Energy Regulator reporting 51.4 GWh of battery capacity operational or at final investment decision.
What could go wrong? Batteries now make up more than half the capacity in the NEM connection pipeline, according to AEMO. That crowded field means funding alone does not guarantee projects get built or earn strong returns, though MPower's mid-scale, network-connected approach aims to sidestep transmission and grid bottlenecks.
What they're saying? "This sets MPower up for its next phase of growth — more projects under construction, more batteries on the ground," said Wollemi Capital co-chief executive officer Paul Hunyor.
Rest general manager Marina Pasika tied the bet to member returns, noting about one million of its two million members are under 30. "We believe this commitment to Wollemi and MPower will generate significant long-term returns for our members given Wollemi's approach to advancing decarbonisation," she said.
The signal: This is institutional capital backing a specific energy-transition platform rather than a one-off deal — a sign of how superannuation funds are channelling long-horizon money into Australia's build-out of distributed storage.
Read more: nationaltribune.com.au
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