en.Wedoany.com Reported - HMC Capital, an ASX-listed asset management company, announced the launch of a new brand, Illuma Energy, consolidating its energy investment, development, and operations under this platform.
The launch integrates assets accumulated by HMC over the past two years through acquisitions and partnerships. Illuma Energy currently operates over 650MW of wind, solar, and battery energy storage assets, specifically including the 450MW Victorian Big Battery, the Bulgana Green Power Hub, and the 128MW Numurkah Solar Farm. The platform also holds a national project pipeline of nearly 6GW.
The rebranding coincides with the financial close of HMC's strategic partnership with U.S. private equity firm KKR (Kohlberg Kravis Roberts & Co). In February 2026, KKR committed to investing up to A$603 million (US$423 million) in the platform, structured as follows: an initial investment of A$355 million at transaction close, followed by up to an additional A$248 million contingent on the development progress of the platform's first battery energy storage project. This partnership makes KKR a capital and infrastructure partner for HMC.
KKR has previously invested in several energy storage companies, including U.S. developers Stellar Renewable Power and Peregrine Energy Solutions, UK-based renewable energy independent power producer ContourGlobal, and the now-bankrupt battery energy storage system integrator Powin, though its investments in fossil fuels have also drawn controversy. This investment arrangement reduces HMC's direct capital exposure in the platform to approximately A$190 million, while HMC retains participation rights through equity and management fees.
Gerard Dover, CEO of Illuma Energy, stated that the new name reflects energy's role in the broader economy. He noted that the launch of Illuma Energy and the financial close with KKR are significant milestones for the platform. With the right capital partner, team, and a strong project pipeline, Illuma Energy is well-positioned to play a key role in Australia's future energy landscape.
Among Illuma Energy's near-term projects is the Moorabool Battery Energy Storage System (VBB2) near Geelong. This 300MW/1,200MWh project, with a 4-hour discharge duration, is adjacent to the existing Victorian Big Battery. It has secured a Capacity Investment Scheme Agreement (CISA), providing long-term federal government revenue guarantees before the final investment decision, thereby reducing project economic risk. KKR's equity investment covers approximately 90% of the capital requirements for the Moorabool project. Additionally, the Victoria state-planning-approved Kentbruck Wind Farm is among the projects expected to advance soon. HMC stated that Illuma Energy's near-term projects are fully funded and FID-ready. This funding status is particularly significant given the widening gap between planned and under-construction projects in the current Australian market, characterized by rising capital costs and grid connection delays.
Illuma Energy's core operating asset portfolio was primarily built through two transactions. In 2024, HMC acquired a controlling stake in Australian BESS developer StorEnergy, which was subsequently integrated into the Illuma Energy platform alongside assets acquired from Neoen in August 2025. In August 2025, HMC completed the A$950 million acquisition of Neoen's Victorian asset portfolio, including the 350MW/450MWh Victorian Big Battery and other assets. This transaction was a precondition for Canadian asset manager Brookfield's acquisition of Neoen, following opposition from Australia's competition regulator to Brookfield simultaneously holding Neoen's generation and storage assets in Victoria and AusNet's transmission network in the state.
Illuma Energy is wholly owned by HMC Capital, with KKR participating as a provider of external capital and infrastructure expertise.
