KKR Commits AU$603 Million to HMC Capital’s 5.7GW Australian Energy Storage and Wind Pipeline

Why It Matters

The capital injection accelerates deployment of large‑scale battery and wind projects essential for grid reliability, positioning both KKR and HMC to capture growth in Australia’s fast‑moving clean‑energy market.

Key Takeaways

• KKR invests AU$603M in HMC's energy platform
• Platform holds 652 MW operational, 5.7 GW pipeline
• Investment supports battery storage and wind development
• Second Australian climate deal after CleanPeak 2025
• Deal expected to close mid‑2026, pending approvals

Pulse Analysis

Australia’s renewable‑energy surge is creating a pressing need for flexible, grid‑forming assets, and large‑scale battery storage is at the heart of that transition. KKR’s AU$603 million commitment to HMC Capital underscores the growing confidence of global private‑equity firms in the country’s policy environment and its ambitious net‑zero targets. By channeling funds through its Global Climate Transition strategy, KKR not only diversifies its portfolio but also positions itself as a key liquidity provider for projects that can deliver immediate grid stability and long‑term revenue streams.

HMC’s Energy Transition Platform already manages 652 MW of operating assets and a 5.7 GW pipeline of battery‑energy‑storage‑system (BESS) and wind projects, built through strategic acquisitions such as Neoen’s Victorian portfolio and stakes in Stor Energy. The KKR partnership will enable HMC to fast‑track construction, secure supply‑chain contracts, and scale cash‑flow generation, reinforcing its status as a leading Australian energy‑storage player. The infusion also aligns with HMC’s broader alternative‑asset strategy, leveraging its AU$19 billion under management to attract additional institutional capital.

For the broader market, the deal signals a maturation of Australia’s clean‑energy financing ecosystem, where institutional investors are increasingly comfortable committing multi‑hundred‑million dollars to long‑duration storage and wind assets. KKR’s track record—spanning UK EV‑charging networks, German energy services, and US solar‑plus‑storage projects—provides a template for cross‑border expertise that can be replicated across the Asia‑Pacific region. As regulators tighten requirements for grid reliability, such capital‑intensive partnerships are likely to become a cornerstone of the nation’s pathway to a resilient, low‑carbon electricity system.

KKR commits AU$603 million to HMC Capital’s 5.7GW Australian energy storage and wind pipeline

By George Heynes · February 9, 2026

Global investment firm KKR has announced a strategic partnership with HMC Capital, committing up to AU 603 million (US 423 million) to HMC’s Energy Transition Platform as Australia accelerates its renewable‑energy deployment and grid‑modernisation efforts.

The investment introduces KKR as a strategic partner alongside ASX‑listed HMC in the Energy Transition Platform’s existing 652 MW of operational assets, its 5.7 GW battery‑energy‑storage‑system (BESS) and wind‑development pipeline. The partnership positions both companies to capitalise on Australia’s growing energy‑storage requirements as the country transitions away from coal‑fired generation toward renewable sources.

KKR’s investment will support the Platform’s continued expansion, including the development of new battery‑storage and wind projects critical to grid reliability during Australia’s energy transition.

The transaction establishes a foundation for HMC and KKR to scale the existing Platform and identify growth opportunities alongside its management team.

HMC Capital managing director and CEO David Di Pilla emphasised the partnership’s strategic value:

“KKR’s investment validates the quality of the Platform we have built and sets the foundation for HMC to play a major role in Australia’s transition to net‑zero carbon by 2050. KKR’s capital will enable the Platform to materially grow operating capacity, cash flow and progress the strategically valuable development pipeline.”

HMC Capital operates as an ASX‑listed diversified alternative‑asset manager focused on investment opportunities across real estate, private equity, energy transition, digital infrastructure, and private credit. The company manages approximately AU 19 billion on behalf of institutional, high‑net‑worth, and retail investors, with over AU 1 billion in balance‑sheet co‑investments across its platforms.

The partnership with HMC represents KKR’s second climate investment in Australia, following its investment in CleanPeak, an Australian distributed‑energy platform, in July 2025.

Neil Arora, partner and head of KKR’s climate‑transition strategy for Asia, highlighted Australia’s energy‑system transformation:

“As renewable energy generation in Australia continues to expand, the country’s energy system is at a pivotal moment. Delivering Australia’s ambition will require investment in flexible infrastructure such as battery storage to keep the grid secure and reliable.”

HMC Capital has established itself as a major player in Australia’s energy‑storage sector through strategic acquisitions and investments. The company completed a AU 950 million acquisition of Neoen’s Victoria portfolio, which included the 450 MWh Victorian Big Battery and the 224 MW Bulgana Green Power Hub. HMC has also invested in Australian‑based BESS developer Stor Energy, which has plans for 15 GW of renewable‑energy projects.

KKR is funding this investment from its Global Climate Transition strategy, having committed more than US 44 billion to climate and environmental‑sustainability investments since 2010. The firm’s climate‑investment portfolio includes:

• Zenobē – a UK‑based transport‑electrification and battery‑storage solutions specialist;

• EGC – an energy‑service provider in Germany;

• Dawsongroup – an independent asset‑leasing business;

• Avantus – a solar and solar‑plus‑storage developer in the US;

• IGNIS P2X – an industrial decarbonisation platform in Spain.

Zenobē operates one of the UK’s largest EV‑charging networks and provides BESS for grid services. It is the developer behind several large‑scale BESS projects in the UK, including the 200 MW/400 MWh Blackhillock battery site in Scotland (construction started last year) and the 300 MW/600 MWh Kilmarnock South BESS, which went live in January 2026. Both Scottish projects are grid‑forming assets that provide system‑stability services, including inertia and short‑circuit level, through contracts with the UK National Energy System Operator (NESO). Zenobē recently announced its entry into the German BESS market.

The KKR‑HMC transaction is expected to close in mid‑2026, subject to customary regulatory approvals.