HMC Capital has announced the acquisition of Neoen’s renewable energy portfolio in Victoria for $950 million, marking a step forward in its move into the energy transition sector. The portfolio includes 652 MW of operational capacity across wind, solar and battery energy storage (BESS) systems, along with a 2.8 GW development pipeline with late-stage projects.
The purchase will create HMC’s first energy transition platform. The platform aims to raise $2 billion in funding from investors, aiming to complete this initial fundraising phase in the first half of 2025.
HMC Capital is an Australian investment and asset management company. Its market capitalization is approximately $5 billion. Recently, the company has attracted attention for strong earnings growth and plans to launch the “Global Digital Infrastructure Platform”, including DigiCo REIT, which is set to become Australia’s largest IPO since 2021. Anchoring this platform are major data center acquisitions.
Neoen is a renewable energy company based in France, with projects in Europe, Australia, the Americas and Africa.
The renewable energy acquisition, expected to close in July 2025, will be financed by $550 million of senior debt and deferred payments of $750 million at financial close and $200 million in December 2025. HMC expects the transaction to increase profits by fiscal year 26.
Chief Executive David Di Pilla described the deal as a significant opportunity to support Australia’s decarbonisation goals, while Energy Transition Chair Julia Gillard AC highlighted the importance of the acquisition to achieving decarbonisation goals. zero net emissions.
With this acquisition, HMC’s assets under management are set to increase to approximately $19 billion, putting the company on track to surpass its $20 billion target by FY25.
The shares are trading up 0.74% at $12.28. Since the beginning of the year they have grown by 100.49%.