ASX listed asset manager HMC Capital has announced the first investment of its Energy Transition platform, chaired by former Prime Minister Julia Gillard, as it seeks to build a 15 gigawatt renewable energy and storage platform.
The first investment will see approximately $50 million poured into Sydney based battery energy storage system (BESS) developer, owner, and operator, Stor-Energy, which is led by former Infigen and Spark Renewables CEO Gerard Dover, and is seeking to build a portfolio of six battery storage projects across the main grid.
“We are delighted to have secured this partnership with HMC Capital, with whom interests are closely aligned, to help fulfill Stor-Energy’s potential,” Dover said in a statement.
There were no further details about the nature of the battery projects planned by Stor-Energy, apart from a rated capacity of 1.4 GW and a planned spend of around $2 billion. HMC will emerge with a controlling stake in the company as part of the deal.
HMC Capital was formed in 2016 after the acquisition of HomeCo by a consortium led by former UBS dealmaker David Di Pilla. Since then, the asset manager was listed on the ASX in late-2019 and currently manages assets worth over $12.5 billion.
The Energy Transition platform will seek up to $2 billion from superannuation investors to build a 15GW renewable energy portfolio of wind, solar, battery storage, biofuels, and emerging energy technologies.
HMC’s head of energy transition Angela Karl said the company has identified other “complementary bolt-on opportunities” which are currently under review.
