HMC Capital aquires all Neoen’s Victorian assets for $950 million

France-headquartered renewables developer Neoen has sold its Victorian assets in operation or under development for $950 million to Sydney-based asset manager HMC Capital, which includes the 128 MW Numerkah solar farm and 300 MW Victorian Big Battery.

December 5, 2024 Ev Foley

Image: Watters Electrical

France-headquartered renewable energy company Neoen has divested of its operating assets and development pipeline in Victoria in a $950 million (USD 611 million) sale to Sydney-based alternative asset manager Home Consortium Limited (HMC) Capital.

The 652 MW operating asset portfolio comprises Bulgana Green Power Hub (224 MW) 244 kilometres northwest of Melbourne, the $198 million Numurkah Solar Farm (128 MWp) 222 kilometres north of Melbourne, and the Victorian Big Battery (300 MW / 450 MWh), on the 13 kilometres from Geelong.

The 2.8 GW development pipeline includes over 1.5 GW of wind and 1.3 GW of battery storage and include at various stages of development the Bulgana Battery Extension, Kentbruck Battery, Kentbruck Green Power Hub, Loy Yang Wind Farm, Moorabool Battery and Navarre Green Power Hub.

The divestment follows the undertakings made by Brookfield to obtain the regulatory approval from the Australian Competition and Consumer Commission (ACCC) for the acquisition of a majority stake in Neoen.

After the transaction is complete, Neoen will have 3.7 GW capacity of wind, solar and storage assets in operation or under construction elsewhere in Australia and maintains its intention to reach 10 GW in operation or under construction by 2030.

Neoen’s Victoria Big Battery is included in the sale of all its Victorian assets, acquired by HMC Capital.
*Image: Neoen*

Neoen Australia Chief Executive Officer Jean-Christophe Cheylus said the legacy of the Victorian portfolio is one to be proud of and represents a significant contribution to the State’s energy transition.

“We remain deeply grateful for strong support of the Australian Energy Market Operator (AEMO) and the Victorian Government, and we will continue to work diligently over the coming months with HMC Capital, and with our host landowners and project communities, to facilitate a smooth handover,” Cheylus said.

“With renewed focus we now redouble our efforts towards realising our ambition of 10 GW in Australia by 2030.”

Neoen’s Chairman and Chief Executive Officer Xavier Barbaro said the divestment is a necessary step for Neoen to begin a new chapter under Brookfield’s ownership.

“We remain fully committed to Australia, which is our largest country, and we look forward to benefiting from Brookfield’s support as we seek to further accelerate the energy transition in Australia and around the world,” Barbaro said.

HMC Capital’s Energy Transition Platform

HMC Capital Chair of Energy Transition Julia Gillard said the the acquisition is a significant step in HMC’s ambition to be a national champion of Australia’s transition to a net zero carbon economy by 2050.

“This is a marquee acquisition to further seed HMC’s Energy Transition platform, encompassing a diversified range of renewable energy generation and storage assets. We look forward to partnering with some of Australia’s leading institutional investors in creating a clean energy future and fighting against climate change,” Gillard said.

HMC Capital Head of Energy Transition Angela Karl said the acquisition will cement HMC’s Top 10 position in renewable energy and storage in the National Energy Market (NEM) from day one.

“We look forward to working collaboratively with Neoen, our customers, our landowners and other key stakeholders to implement a smooth transition,” Karl said.

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