February 5, 2026 — Leads & Copy — HMC Capital (ASX: HMC) and KKR have formed a strategic partnership to invest in HMC’s Energy Transition Platform. KKR-managed funds will invest up to $603 million into the platform, which includes existing operational assets and a development pipeline.
The investment introduces KKR as a strategic partner alongside HMC in the platform’s existing 652MW operational assets and its 5.7GW BESS and wind development pipeline. KKR’s investment will support the Platform’s continued expansion, including the development of new battery storage and wind projects critical to grid reliability and Australia’s energy transition.
The platform is positioned to support the growing energy demand from consumer, industrial and emerging AI users. According to HMC Capital, this transaction establishes the foundation for HMC and KKR to significantly scale the existing Platform and identify growth opportunities alongside the Platform’s experienced management team.
HMC Capital Managing Director and CEO David 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 KKR’s capital will enable the Platform to materially grow operating capacity, cash flow and progress the strategically valuable development pipeline.
Neil Arora, Partner and Head of KKR’s Climate Transition strategy for Asia, said that as renewable generation in Australia continues to expand, the country’s energy system is at a pivotal moment. He added that delivering Australia’s ambition will require investment in flexible infrastructure such as battery storage to keep the grid secure and reliable. He said KKR is pleased to support HMC Capital’s operating platform and that by leveraging KKR’s global network, operational expertise, and experience across climate, energy and infrastructure teams, they are well positioned to scale the platform and contribute meaningfully to Australia’s decarbonization objectives.
HMC Capital Chair of Energy Transition Platform, the Hon. Julia Gillard AC, said KKR as a strategic partner marks a pivotal step in the Platform’s ambition to build a world class renewables business which can play a major role in helping Australia achieve its clean energy commitments.
KKR is funding this investment from its Global Climate Transition strategy. The firm has committed more than US$44 billion to climate and environmental sustainability investments since 2010 and is a leading investor in the energy transition. This marks KKR’s second Climate investment in Australia, following CleanPeak, an Australian distributed energy platform.
Other KKR Climate investments include Zenobē, a UK-based transport electrification and battery storage solutions specialist; EGC, an energy service provider in Germany; Dawsongroup, an independent asset leasing business which provides a diverse range of business-critical solutions; Avantus, a solar and solar-plus-storage developer in the US; and IGNIS P2X, an industrial decarbonisation platform in Spain.
The transaction is expected to close in mid-2026, subject to customary regulatory approvals.
HMC Capital (ASX: HMC) is an ASX-listed diversified alternative asset manager focused on high conviction investment opportunities across real estate, private equity, energy transition, digital infrastructure and private credit. We manage approximately $19bn on behalf of institutional, high net worth and retail investors. We have a highly experienced and aligned team with deep investment and operational expertise. We have significant alignment with our investors via over $1bn of balance sheet co-investments across our platforms.
KKR is a global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate investment returns by following a patient and disciplined investment approach, employing people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries.
Source: HMC Capital
