Super fund boosts $350m renewable energy push
Rest has expanded its commitment to renewable energy and battery storage platform MPower. The expanded commitment builds on Wollemi Energy Group – which owns MPower – and Rest’s existing investment since acquiring MPower’s platform in September 2025. In total, the total capital committed to MPower by Rest and Wollemi Capital combined is $350 million. Rest said the capital “reflects Rest’s confidence in Wollemi’s investment strategy as the super fund continues to seek long-term investment opportunities designed to help grow its members’ retirement savings over the decades ahead”.
MPower’s strategy of building distributed, network-connected solar and battery storage projects focuses on rapidly adding capacity where it’s needed, supporting the National Electricity Market’s shift from fossil fuels to renewables. MPower currently has projects under construction in three states with a further project pipeline under development.
Wollemi Capital co-CEO Paul Hunyor said: “[This] 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.
Rest’s general manager, Marina Pasika, said: “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.
“We believe this commitment to Wollemi and MPower will generate significant long-term returns for our members given Wollemi’s approach to advancing decarbonisation. 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.”
In September, Aware Super and energy firm Birdwood reached financial close on a battery project backed by the State Electricity Commission of Victoria (SEC). The project will comprise four independent 100-megawatt battery units, each with 465 megawatt-hours of storage and a separate grid connection. Together, they will provide 400 megawatts of capacity for up to 4.65 hours. Located beside the Wodonga Terminal Station and the Victoria–NSW high-voltage interconnector, the battery is expected to begin operating in late 2028.
SEC will invest up to $43 million for a minority stake and has agreed to take 50 per cent of the battery’s output under a 15-year offtake agreement. That electricity will support Victorian Government and commercial energy retail contracts, while the other half of the battery’s output will be available to the broader market.
