HMC announces seed investment for planned 15 GW clean energy platform


ASX-listed HMC Capital announced will invest up to $50 million (USD 33.77 million) in renewables developer Stor-Energy over a three-year period to enable the company to progress a 1.4 GW development portfolio that comprises six large-scale battery projects across four states.

The deal represents the first investment by HMC’s Energy Transition Platform which is seeking to build a 15 GW development portfolio of renewable energy assets including solar, wind, battery storage, and emerging technologies.

HMC Head of Energy Transition Angela Karl said Stor-Energy provides a foundation portfolio that can be further scaled to take advantage of favourable investment fundamentals for storage assets.

“We are impressed by the calibre of Stor-Energy’s management team and believe the business has the potential to be scaled significantly,” she said, adding that HMC has “already identified other complementary bolt-on opportunities which are currently under review.”

HMC said it will make an initial investment in Stor-Energy and provide additional funding, subject to achieving early-stage development milestones, of up to $50 million to secure a majority interest in the business.

Stor-Energy’s senior management team, headed by former Infigen Energy and Spark Infrastructure executive Gerard Dover, will retain a minority stake and continue to lead the business.

HMC said the investment will enable Stor-Energy to progress its 1.4 GW portfolio of battery energy storage projects which is expected to cost about $2 billion to develop. The company expects to have made investment decisions on all six of its developments by 2026.

“We are delighted to have secured this partnership with HMC Capital … to help fulfill Stor-Energy’s potential,” Dover said. “We look forward to working closely with HMC to implement the investment strategy.”

The deal is expected to close later this month.

HMC is seeking to build a $2 billion fund centred on the transition to clean energy to take advantage of what Managing Director and Chief Executive Officer David Di Pilla has previously described as “one of the most significant investment opportunities of our generation.”

“Our investment in Stor-Energy represents an exciting step in the establishment of HMC Capital’s energy transition platform, something we have both the ambition and capability to develop into the national champion for Australia’s decarbonisation,” he said.

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