KKR-managed funds will invest up to A$603m in HMC Capital’s energy transition platform under a new strategic partnership aimed at accelerating the development of battery storage and wind projects in Australia.
HMC Capital said the investment introduces KKR as a partner in the platform’s existing 652MW portfolio of operational assets and its 5.7GW pipeline of battery energy storage and wind projects.
According to HMC, KKR’s backing will support the rollout of new flexible generation and storage capacity critical to maintaining grid reliability as renewable penetration increases across the National Electricity Market.
The companies said the platform is well positioned to deliver significant volumes of clean energy to market to meet rising demand from consumer, industrial and emerging AI-driven electricity users.
HMC Capital managing director and chief executive David Di Pilla said the partnership validates the platform HMC has built and strengthens its ability to scale.
“We are delighted to be working with an experienced global investor of KKR’s calibre,” Di Pilla said. “KKR’s investment validates the quality of the platform and sets the foundation for HMC to play a major role in Australia’s transition to net zero carbon by 2050.”
He added that the capital would allow the platform to materially expand operating capacity and cash flows while advancing its development pipeline.
KKR partner and head of climate transition strategy for Asia Neil Arora said Australia’s power system is entering a critical phase as renewable generation continues to grow.
“Delivering Australia’s ambition will require investment in flexible infrastructure such as battery storage to keep the grid secure and reliable,” Arora said. “We are pleased to support HMC Capital’s leading operating platform and are well positioned to scale it by leveraging KKR’s global network and operational expertise.”
HMC Capital chair of the energy transition platform Julia Gillard said the partnership marks a pivotal step in building a national renewables champion.
“The introduction of KKR as a strategic partner marks a pivotal step in the platform’s ambition to build a world-class renewables business capable of playing a major role in Australia’s clean energy transition,” Gillard said.
KKR said the investment will be funded through its global climate transition strategy, under which it has committed more than US$44bn to climate and environmental sustainability investments since 2010.
The transaction is expected to complete in mid-2026, subject to regulatory approvals.
