HMC Capital’s Big Bet on Energy Transition Faces Integration and Funding Tests
HMC Capital has completed its acquisition of Neoen Australia's Victorian assets, adding 652 MW of operational battery storage and a 2.8 GW development pipeline to its energy transition platform. This strategic move positions HMC as a growing leader in Australia's renewable energy sector.
- Acquisition of Neoen VIC Portfolio completed on 1 August 2025
- 652 MW operational capacity across four assets, plus 2.8 GW development pipeline
- Unaudited EBITDA of $64 million for year ending June 2025, up 6.5%
- Integration of Neoen Victorian Development Team underway
- Campbell Lutyens appointed to raise third-party capital for platform growth
Strategic Acquisition Completes
HMC Capital has officially closed the acquisition of Neoen Australia's Victorian assets, a transaction that was anticipated since the initial announcement in July 2025. This acquisition significantly bolsters HMC's footprint in the renewable energy storage sector, adding a substantial operational battery energy storage system (BESS) capacity of 652 megawatts spread across four operational assets.
Operational Scale and Growth Pipeline
Beyond the immediate operational scale, the Neoen VIC Portfolio brings with it a high-quality development pipeline of 2.8 gigawatts, including near-term projects like the Moorabool BESS and the Kentbruck Wind Farm. These projects are expected to further enhance HMC's position in the National Electricity Market, underpinning the company's growth ambitions in the energy transition space.
Financial Performance and Asset Integration
The portfolio delivered an unaudited EBITDA of $64 million for the twelve months ending June 2025, marking a 6.5% increase compared to the previous period. While 51 of 56 turbines at the Bulgana Wind Farm are currently operational, the remaining units are scheduled to return within two months, with no anticipated material impact on forecast cash flows. The integration of Neoen's Victorian Development Team into HMC's platform is underway, ensuring continuity and momentum in project delivery.
Capital Raising and Future Prospects
To optimize its balance sheet and support further growth, HMC has engaged global private capital advisor Campbell Lutyens to introduce third-party capital into its Energy Transition Platform. This move reflects confidence in the platform's scale and quality, aiming to unlock additional value for investors and accelerate the company's economic flywheel.
Leadership Perspectives
HMC's Managing Director and CEO, David Di Pilla, expressed strong confidence in the acquisition's strategic fit and the underlying fundamentals of the energy transition sector. Meanwhile, Energy Transition Platform CEO Gerard Dover highlighted the milestone as a key step in establishing HMC as an emerging leader in Australia's renewable energy market, emphasizing the value of combining Stor Energy and Neoen Victorian portfolios under one platform.
Bottom Line?
HMC Capital’s acquisition marks a pivotal expansion, but the market will watch closely how integration and capital raising unfold.
Questions in the middle?
- How will the phased return of turbines at Bulgana Wind Farm impact near-term cash flows?
- What scale and timing can investors expect from the upcoming Moorabool BESS and Kentbruck Wind Farm projects?
- How will the introduction of third-party capital reshape HMC’s balance sheet and growth trajectory?