HMC Capital and KKR have agreed to form a strategic partnership under which KKR-managed funds will invest up to A$603 million (USD 420 million) in HMC’s Energy Transition Platform.
The investment will make KKR a strategic partner alongside HMC in the Platform’s existing 652 MW of operational assets and its 5.7 GW development pipeline spanning battery energy storage systems (BESS) and wind projects. The capital will be used to support further development of battery storage and wind assets.
HMC Capital managing director and chief executive David Di Pilla said: “We are delighted to be working with an experienced global investor of KKR’s calibre. KKR’s investment validates the quality of the Platform we have built and sets the foundation for HMC to play a major role in Australia’s transition to net zero carbon by 2050.”
Neil Arora, partner and head of KKR’s Climate Transition strategy for Asia, said Australia’s power system was at a “pivotal moment” as renewable generation expands. “Delivering Australia’s ambition will require investment in flexible infrastructure such as battery storage to keep the grid secure and reliable,” he said.
The chair of HMC Capital’s Energy Transition Platform, Julia Gillard, said the introduction of KKR as a partner marked “a pivotal step” for the Platform as it seeks to scale its renewables business.
KKR said the investment would be funded from its Global Climate Transition strategy. The firm has committed more than US$44 billion to climate and environmental sustainability investments since 2010. This is KKR’s second climate-related investment in Australia, following its backing of CleanPeak.
The transaction is expected to close in mid-2026, subject to regulatory approvals.
