KKR has consolidated its commitment in Australia’s renewable energy industry, injecting $603 million into local asset manager HMC Capital.
The investment sees the US investment giant, which had up to $790 billion of assets under management as of the end of 2024, become a strategic partner in HMC’s 5.7GW BESS and wind development pipeline. This includes the 600MW Kentbruck wind farm in south-west Victoria, which recently got the go ahead from the Victorian Government.
In announcing the partnership, KKR said it recognised the “considerable” investment needed to realise Australia’s renewable energy transition. The firm said forming ties would enable KKR and HMC to “significantly scale” the latter’s established platform.
“Delivering Australia’s ambition will require investment in flexible infrastructure such as battery storage to keep the grid secure and reliable,” KKR partner and head of Asia climate strategy Neil Arora said.
“By leveraging KKR’s global network, operational expertise, and deep experience across our climate, energy and infrastructure teams, we are well positioned to scale this platform and contribute meaningfully to Australia’s decarbonisation objectives.”
HMC Capital managing director and chief executive officer David Di Pilla said KKR’s investment would enable HMC to play a significant role in Australia’s net-zero-by-2050 transition.
“KKR’s capital will enable the platform to materially grow operating capacity, cash flow and progress the strategically valuable development pipeline,” he said.
The transaction follows KKR’s $1.7 billion acquisition of independent power producer Zenith Energy in June last year, which Zenith said would strengthen its capacity to “scale renewable and hybrid energy solutions across Australia’s most remote and energy-intensive industries”.
KKR also formed a $500 million partnership with CleanPeak Energy in July 2025 to grow its Australian distributed energy platform.
All up, KKR has invested more than $US44 billion into “climate and environment sustainability” investments since 2010.
Following approval from Australia’s Foreign Investment Review Board, the partnership is set to be finalised in mid-2026.
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