HMC Capital receives approval for $603M KKR partnership

• HMC Capital has secured final regulatory clearances from the ACCC and FIRB for its strategic energy partnership with KKR.
• Following the announcement, the HMC Capital share price closed down at $2.92.
• The transaction allows the company to fund its next phase of utility-scale energy platform growth through global capital.

HMC Capital (ASX:HMC) secured regulatory clearances for its energy partnership with KKR involving a $603 million investment.

This clearance satisfies all conditions precedent, enabling financial close on or around June 30.

“With formal approvals now received, we are pleased to be in a position to close by June 30,” said HMC Capital CEO and Managing Director David Di Pilla.

KKR will provide $355 million at close and up to $248 million for battery development.

Following the announcement, the HMC Capital share price was down at $2.92.

Following financial close, the platform will be rebranded and operate under the name Illuma Energy.

The company stated that the transaction will reduce its invested capital to approximately $190 million by June 30.