HMC Capital Receives Regulatory Approvals for KKR Partnership
Key points
- ACCC and FIRB approvals received
- KKR to invest up to $603 million
- HMC's invested capital reduced to ~$190 million
- Platform to be rebranded as Illuma Energy
Full summary
HMC Capital Limited has announced that all conditions precedent to the strategic partnership with KKR in its HMC Energy Platform have been satisfied, including approvals from the Australian Competition and Consumer Commission (ACCC) and the Foreign Investment Review Board (FIRB). Financial close is expected to occur on or around 30 June 2026. KKR-managed funds will invest up to $603 million into the Platform, comprising $355 million at financial close and up to $248 million to fund the first Battery Energy Storage System (BESS) development. HMC will receive a $35 million establishment fee in FY26 and its invested capital in the Platform will reduce to approximately $190 million at 30 June 2026, equity accounted. Following financial close, the Platform will be rebranded and operate under the name Illuma Energy.
Guidance
HMC to receive $35 million establishment fee in FY26 and ~$7 million p.a. recurring fees
Outlook
The KKR partnership is expected to fund the next phase of the Platform's growth and support progress towards a targeted FID for the first BESS development in 2026.
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