Wollemi Capital and Rest Take Majority Stake in US Solar Operator Redball

Sydney-headquartered Wollemi Capital and the Retail Employees Superannuation Trust (Rest) have acquired a majority stake in Redball Energy, a Washington-based owner and operator of roughly 4,500 rooftop solar systems across the US Mid-Atlantic and New England — Wollemi's first move into the US energy market.

Redball's portfolio spans homes and businesses in a footprint that includes Maine, New Hampshire and New York. The company doesn't sell or install panels directly to homeowners. Its business is project financing, streamlined payments and asset ownership — the balance-sheet layer behind distributed generation, not the front-end sales channel.

What does the money buy?

The investment funds Redball's next growth phase, with three stated priorities:

• expand its installer partner network
• continue selective expansion in its current markets
• broaden the offering to include battery storage

That last item matters most for the material stream. Distributed batteries change what happens to solar assets at end of life, because storage adds a second hardware generation — lithium-based packs — to a fleet that will eventually need recycling capacity in the same regions where the panels sit.

Wollemi Capital US Co-Head Natalie Volpe said Redball fit the firm's strategic focus on backing real asset portfolios that are proven, distributed and scalable.

"The Redball team has built an impressive business through a disciplined, partnership-led approach, and the opportunity for distributed energy in the US is significant as electricity demand rises," Volpe said.

"We're excited to partner with Redball and bring our experience backing distributed solar and storage platforms to the US market."

Who is behind the capital?

The Redball deal sits on top of a growing Australian capital stack. On 2 November 2026, Rest announced it had expanded its total commitment to $250 million (USD 170 million) for MPower, the Sydney-based energy and battery storage platform owned by Wollemi Energy Group.

That followed a $220 million commitment to Wollemi in 2025. At the time, Rest Private Markets General Manager Marina Pasika framed the investment as a long-duration play tied to 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.

In other words: pension money with 30-year liabilities is underwriting distributed energy hardware in two countries. Hardware means tonnage — panels, inverters and, increasingly, batteries — that will flow back through waste and recycling channels decades from now.

Why the deal structure matters

Redball Co-Founder John Marciano said the company looks for overlooked opportunities in the energy transition and backs the teams bringing clean energy projects to market at scale.

"In Wollemi [we've] found a partner who shares that vision and will help take Redball to the next level, as America's need for affordable energy and resilient, distributed infrastructure continues to grow," Marciano said.

The ownership model is the detail worth tracking. Because Redball owns the assets rather than just financing installations, the counterparty for decommissioning, refurbishment and recycling decisions is a single balance sheet — not thousands of individual households. As the 4,500-system fleet ages, that concentration determines who pays for end-of-life handling and whether the volumes reach processors at recoverable scale.

For now, the fleet is young and growing. The announced battery expansion is a stated plan, not built capacity, and Wollemi has not disclosed deal terms or a deployment timeline.

The milestone to watch is the first tranche of storage deployments under the new ownership — that sets the clock on a second wave of distributed hardware, and eventually a second recycling stream, across the Mid-Atlantic and New England.