Rest lifts MPower commitment to $250m

Rest has increased its investment in renewable energy and battery storage, committing a further $100 million to Wollemi Energy Group's MPower platform as superannuation funds continue to explore opportunities linked to the energy transition.

The expanded commitment takes the fund's total investment in MPower to $250 million. Alongside $100 million from platform owner Wollemi Capital, bringing the combined capital committed to $350 million.

MPower was acquired by Wollemi in September 2025 and focuses on developing distributed solar and battery storage projects connected to the electricity grid.

The additional funding will support the platform's expansion, with projects already under construction across three states and further developments in the pipeline.

Wollemi Capital co-chief executive Paul Hunyor said the investment would strengthen MPower's capacity to scale its operations and deliver more projects.

"Today's announcement strengthens Wollemi's position as a long-term investor in scalable, distributed renewable energy infrastructure. This sets MPower up for its next phase of growth - more projects under construction, more batteries on the ground," Hunyor said.

For Rest, the commitment forms part of a broader investment relationship with Wollemi following a US$150 million allocation to the firm in 2025. That portfolio also includes Kalfresh, an integrated food and bioenergy project converting agricultural waste into renewable energy, gas and fertiliser.

Rest general manager Marina Pasika said the investment reflected the fund's focus on opportunities aligned with long-term economic and societal changes, including decarbonisation.

"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," Pasika said.

She said Rest believes the commitment could deliver long-term returns for members while providing exposure to the energy transition.

The investment adds to the growing role of superannuation capital in financing renewable infrastructure, as funds seek assets capable of supporting long-term portfolio returns alongside the shift to lower-emissions energy.