EXECUTIVE SUMMARY
HMC Capital and KKR have formed a strategic partnership under which KKR-managed funds will invest up to $603 million into HMC’s Energy Transition Platform. The platform includes 652 MW of operational assets and a 5.7 GW battery and wind pipeline in Australia. The transaction supports expansion of grid-scale storage and renewable generation projects, subject to regulatory approvals.
Companies: HMC Capital & KKR
Location: Australia
Platform: HMC Energy Transition Platform
Investment: Up to $603 Million
Operational Capacity: 652 MW
Development Pipeline: 5.7 GW BESS & Wind
Australian Securities Exchange-listed (ASX-listed) investment manager, HMC Capital, has entered into a strategic partnership with U.S.-based global investment firm, Kohlberg Kravis Roberts & Co. (KKR), under which KKR-managed funds will invest up to $603 million in HMC’s Energy Transition Platform.
The transaction introduces KKR as a strategic partner along with HMC in the Energy Transition platform’s existing 652 MW of operational renewable assets and its 5.7 GW battery energy storage systems (BESS) and wind projects across Australia. The KKR investment is expected to support platform’s expansion, including the development of new battery storage and wind projects critical to grid reliability during Australia’s Energy Transition.
The partnership between HMC Capital and KKR is structured to support the scaling of the existing portfolio and accelerate project development across multiple states.
KKR is funding the investment through its Global Climate Transition strategy. Since 2010, the firm has committed more than $44 billion to climate and environmental sustainability investments globally. This transaction represents KKR’s second climate-focused investment in Australia, following its investment in CleanPeak, a distributed energy platform.
HMC Capital manages approximately $19 billion in assets across real estate, private equity, energy transition, digital infrastructure, and private credit strategies. The Energy Transition Platform forms part of its broader alternative asset management portfolio and includes operating renewable energy capacity as well as large-scale development projects.
The transaction is expected to close in mid-2026, subject to customary regulatory approvals.
David Di Pilla, Managing Director and CEO of HMC Capital, stated that partnering with KKR introduces an experienced global investor to the Energy Transition Platform and provides capital to expand operating capacity, increase cash flow, and advance the development pipeline in Australia.
Neil Arora, Partner and Head of KKR’s Climate Transition strategy for Asia, said that as renewable generation expands in Australia, investment in flexible infrastructure such as battery storage remains necessary to maintain grid security and reliability, and that KKR will support the platform using its global climate and infrastructure investment capabilities.
Julia Gillard AC, Chair of HMC Capital’s Energy Transition Platform, stated that KKR’s entry as a strategic partner supports the platform’s objective to scale its renewable energy business and contribute to Australia’s long-term energy transition targets.