HMC Capital is biggest ASX 200 loser as energy transition boss Angela Karl leaves
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More news: HMC Capital was leading early losses on the ASX 200 after it announced the departure of managing director, head of energy transition Angela Karl and a one month delay to its acquisition of French renewable energy company Neoen’s assets in Victoria.
Shares in HMC Capital had fallen 8% to $4.69 at 10:21am AEST.
HMC Capital energy transition boss Angela Karl steps down
The news: HMC Capital managing director, head of energy transition Angela Karl has stepped down as the investment fund considers reorganisation options for its energy transition platform.
The investment fund also announced a one month delay to its $950 million acquisition of French renewable energy company Neoen’s assets in Victoria, which will be merged with HMC’s Stor Energy battery development portfolio.
The numbers: The acquisition of Neoen’s Victorian assets is now expected to reach financial close on 1 August, a month later than originally agreed.
HMC is expected to pay $750 million at financial close followed by a final instalment of $200 million on 29 December 2025.
On top of the previously announced roughly $550 million underwritten by senior debt financiers, HMC has secured an underwritten $200 million non-recourse mezzanine facility against the Neoen Victoria Portfolio renewable asset that will be drawn at financial close.
The context: Karl was appointed to lead HMC’s energy transition platform when it was established in 2024. She formerly spent 11 years as a partner at QIC Global Infrastructure overseeing energy and utilities.
She will be replaced by Stor Energy chief executive Gerard Dover who will run HMC’s newly consolidated energy transition platform.
HMC is currently considering three options for “value optimisation” of its energy transition portfolio. These include an energy transition fund raise, a strategic partnership, or merger, with a financial investor and potential “portfolio rationalisation or sale alternatives”.
What they said: “The additional financing we have secured will help accelerate the build out of the portfolio’s large scale development pipeline and generate significant value for HMC shareholders and platform investors,” HMC Capital chair of energy transition and former prime minister Julia Gillard said.
“Angela Karl has been critical in the development of our strategy over the past two years, and I would like to thank her for her contribution. We wish her all the very best for the future.”
The source: ASX
