HMC Capital has launched Illuma Energy, a new identity that brings together the ASX-listed asset manager’s energy investment, development and operating activities under a single platform.
The launch consolidates assets and capabilities that HMC has assembled over the past two years through a series of acquisitions and partnerships.
Illuma Energy currently operates more than 650MW of wind, solar and battery storage assets, including the 450MW Victorian Big Battery, the Bulgana Green Power Hub and the 128MW Numurkah solar PV power plant.
The platform also has a development pipeline of nearly 6GW of energy projects across the country.
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The rebrand coincides with the financial close of HMC’s strategic partnership with US-headquartered private equity investment firm Kohlberg Kravis Roberts & Co (KKR), which committed up to AU$603 million (US$423 million) to the platform in February 2026.
That deal, structured as an initial AU$355 million investment at financial close, followed by up to AU$248 million earmarked for the platform’s first battery storage development project, introduces KKR as a capital and infrastructure partner alongside HMC.
KKR has in the past invested in numerous energy storage industry players, including US developers Stellar Renewable Power and Peregrine Energy Solutions, UK renewable energy independent power producer (IPP) ContourGlobal and (now bankrupt) BESS integrator Powin, but has drawn criticism for its investments in fossil fuel industries.
The arrangement reduces HMC’s direct capital exposure in the platform to approximately AU$190 million while preserving its participation through equity and management fees.
Gerard Dover, CEO of Illuma Energy, said the name reflects the role energy plays in the broader economy.
“The Illuma Energy launch and the KKR financial close mark an important milestone for the platform. With the right capital partners and team in place, and a strong project pipeline, Illuma Energy is well positioned to play a major role in Australia’s energy future,” Dover said.
Pipeline funded to FID-ready status
Among the near-term projects in Illuma Energy’s pipeline is the Moorabool battery energy storage system (BESS), also known as VBB2, a 300MW/1,200MWh 4-hour duration project located adjacent to the existing Victorian Big Battery near Geelong.
The project has secured a Capacity Investment Scheme Agreement (CISA), providing a long-term federal government revenue underwrite that de-risks project economics ahead of a final investment decision.
KKR equity covers around 90% of the Moorabool project’s funding. The Kentbruck wind project in Victoria, which has state planning approval in place, is also among the projects expected to advance in the near term.
HMC has described Illuma Energy’s near-term pipeline as fully funded to final investment decision-ready status, a meaningful threshold in the current Australian market where rising capital costs and grid connection delays have kept the gap between projects in planning and projects in construction persistently wide.
The operating portfolio at the heart of Illuma Energy was assembled primarily through two transactions.
In August 2025, HMC completed the AU$950 million acquisition of Neoen’s Victorian portfolio, which included several assets, such as the 350MW/450MWh Victorian Big Battery.
The deal was required as a condition of Canadian asset manager Brookfield’s takeover of Neoen, after Australia’s competition regulator objected to Brookfield holding both Neoen’s Victorian generation and storage assets and AusNet’s transmission network in the state.
HMC also acquired a controlling stake in Australian BESS developer StorEnergy in 2024, which has since been integrated into the Illuma Energy platform alongside the Neoen assets.
Illuma Energy is wholly owned by HMC Capital, with KKR providing external capital and infrastructure expertise.
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