SYDNEY: MPower Group Limited (ASX: MPR), a leading Australian renewable energy and battery storage developer, announced today it has agreed to sell substantially all its business assets to climate-focused investment firm Wollemi Energy Group for approximately $19 million.
The deal, outlined in a binding Business Sale Agreement, includes MPower’s renewable energy platform, the Lakeland Solar & Storage Project, a pipeline of development opportunities, and its services business. All MPower employees will be offered roles with Wollemi.
Following the transaction, MPower expects to retain about $3.8 million in surplus cash, with net assets per share estimated at 1.1 cents—a 37.5% premium to its closing share price on June 11 and a 43.2% premium to its 30-day average.
CEO Nathan Wise called the sale a “compelling outcome” for shareholders, citing Wollemi’s “financial capacity and strategic alignment” to scale MPower’s assets. The company plans to repay debts and explore options for remaining capital, including potential shareholder returns or a new business acquisition.
Shareholder approval is required under ASX rules, with a vote scheduled for July 16. The board unanimously backs the deal and will recommend voting in favor. If approved, the transaction is set to close by August 12, and MPower will rebrand as MPR Australia Limited.
Wollemi, a Sydney-based firm specializing in sustainable infrastructure, will assume liabilities for employee entitlements and deferred payments. The agreement includes a $400,000 break fee if MPower withdraws or shareholders reject the deal.
Jarden Australia advised MPower on the sale.