KKR-managed funds will invest up to A$603m in HMC Capital’s energy transition platform under a new strategic partnership.
HMC Capital said the investment introduces KKR as a partner in the platform’s 652MW operational assets and its 5.7GW battery storage and wind development pipeline.
According to HMC Capital, KKR’s backing will support the development of new battery storage and wind projects critical to grid reliability and Australia’s energy transition.
The companies said the platform is well placed to bring significant clean energy capacity to market to support growing demand from consumer, industrial and emerging AI users.
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.”
Di Pilla added: “KKR’s capital will enable the Platform to materially grow operating capacity, cash flow and progress the strategically valuable development pipeline.”
KKR partner and head of KKR’s climate transition strategy for Asia Neil Arora said: “As renewable generation in Australia continues to expand, the country’s energy system is at a pivotal moment. Delivering Australia’s ambition will require investment in flexible infrastructure such as battery storage to keep the grid secure and reliable.”
Arora stated: “We are pleased to support HMC Capital’s leading operating platform, and by leveraging KKR’s global network, operational expertise, and deep experience across our climate, energy and infrastructure teams, we are well positioned to scale this platform and contribute meaningfully to Australia’s decarbonization objectives.”
HMC Capital chair of energy transition platform Julia Gillard said: “The introduction of KKR as a strategic partner marks a pivotal step in the Platform’s ambition to build a world class renewables business which can play a major role in helping Australia achieve its clean energy commitments.”
Gillard added: “In KKR, we are delighted to have a collaborator with deep global relationships and expertise to help the Platform deliver on its goal to be a national champion of Australia’s transition to a net zero economy by 2050.”
KKR is funding the investment from its global climate transition strategy and has committed more than US$44bn to climate and environmental sustainability investments since 2010.
The transaction is expected to close in mid-2026 subject to regulatory approvals.