Australian alternative asset manager HMC Capital has marked the first investment for its energy transition platform by laying out up to A$50m (鈧�31m) to buy a stake in battery energy storage systems (BESS) developer Stor-Energy.
HMC Capital Transition will make an initial investment plus additional funding over a three-year period to secure a majority interest in the business with Stor-Energy鈥檚 senior management team, who will continue to lead the business, retaining a minority interest in the venture.
The investment will enable Stor-Energy to progress its 1.4GW development portfolio which is expected to cost about A$2bn to develop.
Stor-Energy鈥檚 development portfolio comprises six utility-scale BESS opportunities which are located close to existing grid infrastructure in four mainland National Electricity Market states.
Co-founder, CEO and managing director of Stor-Energy, Gerard Dover, said the partnership would help fulfill Stor-Energy鈥檚 potential.
HMC managing director and CEO, David Di Pilla, said: 鈥淥ur investment in Stor-Energy represents an exciting step in the establishment of HMC Capital鈥檚 Energy Transition platform.鈥�
HMC Capital transition strategy aims to assemble a 15GW development portfolio across the energy value chain, including wind, solar, battery, bio-fuels and emerging technologies.
HMC head of energy transition, Angela Karl, said: 鈥淗MC has already identified other complementary bolt-on opportunities which are currently under review.鈥�
HMC said the company remained on track to commence fundraising in the second half of this year for its inaugural energy transition platform which is seeking to raise up to $2bn.
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