ASX-listed alternative asset manager HMC Capital has completed the acquisition of French independent power producer (IPP) Neoen’s energy storage and renewables portfolio in Victoria, Australia.
The deal, which amounts to AU$950 million (US$610 million), was first announced in December 2024 and includes several large-scale battery energy storage systems (BESS), such as the 350MW/450MWh Victorian Big Battery, which has been in operation since 2021.
HMC Capital confirmed that the deal was completed on 1 August, consistent with the expected timing set out on 1 July.
The asset manager secured Neoen’s 652MW operating portfolio, which includes the 224MW Bulgana Green Power Hub, which includes a 20MW/34MWh BESS, the 128MW Numurkah Solar Farm, and the Victorian Big Battery.
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HMC Capital will also secure a 2.8GW development portfolio, including over 1.5GW and 1.3GW of BESS. One of these development projects consists of the second stage of the Victorian Big Battery, which will have a capacity of up to 600MW.
Neoen’s Victoria assets complement the portfolio owned by Stor-Energy, an Australia-based BESS developer, owner, and operator that was acquired by HMC Capital last year.
HMC Capital managing director and CEO, David Di Pilla, believes acquiring the Victoria renewables portfolio will help generate maximum value for its investors.
“Our confidence in the quality and value of the asset base and the strong fundamentals underpinning our investment thesis around Energy Transition remains as strong as ever,” Pilla said.
“We are excited to be working with Campbell Lutyens on our ongoing institutional fundraising discussions, with the objective of releasing our balance sheet capital invested to continue to drive our economic flywheel.”
Neoen’s Victoria renewables and energy storage portfolio deemed ‘highly attractive’
As noted by Pilla, HMC has appointed global private capital advisor Campbell Lutyens to undertake a process to introduce third-party capital into the Energy Transition Platform, with the belief that the new portfolio is “highly attractive for incoming investors to the platform”.
Indeed, as reported by Energy-Storage.news earlier this year, Neoen’s Australia-based energy storage assets helped boost the company’s 2024 storage revenue by 66% year-on-year.
Neoen’s total revenue was €533.1 million (US$575 million) in 2024, with storage contributing €95 million.
The organisation’s success in storage revenues was mainly driven by contributions from Stage One of Western Australia’s Collie Battery and the Western Downs Battery in southeast Queensland.
Additionally, the Victorian Big Battery played a significant role, benefiting from favourable market conditions and increased arbitrage revenue in August 2024.
Brookfield acquires Neoen
HMC Capital’s acquisition of Neoen’s Victoria portfolio was part of a requirement for Canadian asset manager Brookfield to acquire Neoen, which was completed in March 2025.
The takeover required the groups to navigate unexpected hurdles to complete the deal. One such hurdle was specific to Victoria, with the Australian Competition and Consumer Commission (ACCC) objecting to the takeover in October 2024.
The ACCC released a statement at the time stating that the acquisition of Neoen would increase Brookfield’s chances of prioritising its own generation and storage assets, as Brookfield already had a controlling interest in AusNet, which owns and operates most of Victoria’s electricity transmission network and parts of the electricity distribution network.
The sale of Neoen’s Victoria portfolio was sealed to comply with the ACCC’s request.
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