Climate change investment firm Wollemi Capital has completed its acquisition of most of the assets of MPower Group (ASX: MPR) for $19 million.
The planned acquisition was announced in June.
The sale includes MPower’s Lakeland solar and storage project in North Queeensland, its renewable energy technology platform, its services business, and a pipeline of future investment opportunities.
Sydney-based MPower provides on-grid and off-grid power solutions for corporate and government customers.
Wollemi Capital was founded in 2022 by former global head of Macquarie Capital, Tim Bishop, and ex-Asia-Pacific head of Boston Consulting Group’s BCG Digital Ventures, and founder of BCG Green Ventures, Paul Hunyor.
Wollemi sees the MPower business as an important part of its plan to invest more than $100 million into solar generation and battery projects that can easily be added to the national power grid. Most of these projects will incorporate under 5 megawatt batteries which can be connected directly to existing transmission infrastructure rather than waiting for the construction of new higher voltage transmission lines.
Wollemi Capital’s existing investments include stakes in Silicon Valley-based low carbon concrete technology developer Fortera, Australian plastics recycling business Samsara Eco, Canadian clean energy developer Kanin Energy and Australia-founded plant growth and decarbonisation business Loam Bio.
At the end of July, Rest Super committed nearly $230 million to Wollemi Capital.
Image: Construction work underway on the Lakeland solar farm.