• Neoen VIC Portfolio acquisition settlement deferred by one month
• $200m non-recourse mezzanine financing facility secured
• Intention to merge Neoen VIC Portfolio and Stor Energy battery platforms

HMC Capital has announced that the settlement of its acquisition of the Neoen VIC Portfolio has been deferred by one month to 1 August 2025. The company has secured a $200m non-recourse mezzanine financing facility against the Neoen VIC Portfolio assets, which will be drawn at financial close. This is in addition to the previously announced senior debt facilities of around $550m. HMC will invest $50m of equity in the Neoen VIC Portfolio at financial close. The company has also commissioned an independent preliminary valuation of the Neoen VIC Portfolio, which supports HMC's view that the assets were acquired at an attractive price. Due to the inherent value in the Neoen VIC Portfolio, HMC's future strategy will now focus on this portfolio and the Stor Energy battery development platform. A decision has been made to merge the Neoen VIC Portfolio and Stor Energy battery platforms to form one of Australia's leading operational and development renewable energy platforms, to be led by Gerard Dover as CEO. Angela Karl has stepped down from her position as Managing Director, Head of Energy Transition at HMC. HMC is evaluating various options to optimize the value of its Energy Transition portfolio, including fund raising, strategic partnerships, and portfolio rationalization.

HMC is evaluating various options to optimize the value of its Energy Transition portfolio, including fund raising, strategic partnerships, and portfolio rationalization. The company is focused on delivering sustainable long-term returns for its investors from its capital-light, high ROE, focused asset management model.