HMC Capital, based in Australia, will buy Neoen’s Victoria portfolio at a price of $612 million

HMC Capital, an Australian asset manager, announced on Thursday that it would buy the renewable energy generation portfolio and storage in Victoria from France-based Neoen for A$950,000,000 ($611.61million).

HMC stated that the portfolio will be a great addition to their energy transition platform. It includes four operational assets, each with a capacity of 652 megawatts (MW), and six development assets, with a combined capacity of over 2,800 MW.

The deal will increase HMC's Assets Under Management (AUM) from A$17 billion to A$19.3 billion. It is expected that the deal will be positive for earnings after FY26.

HMC, founded by banker-turned-investor David Di Pilla, said fund raising for its energy transition platform is on track for the first half of 2025, with a planned initial raise of up to A$2 billion.

Di Pilla stated that "we have received significant interest from domestic pension funds to become foundation investors in HMC’s Energy Transition Platform".

Brookfield, a Canadian company, is in the process to buy out Neoen for 6.1 billion euros ($6.41 billion).

Neoen stated in a separate filing that "the divestment is a result of Brookfield's commitment to obtain regulatory approval for the acquisition from the Australian Competition and Consumer Commission" (ACCC).

(source: Reuters)