HMC Capital, KKR clears ACCC and FIRB hurdles to launch Illuma Energy

The news: HMC Capital has received regulatory clearances from both the Australian Competition and Consumer Commission and the Foreign Investment Review Board for its clean energy partnership with global investment firm KKR.

The context: Under the partnership, which is scheduled for financial close on 30 June, KKR-managed funds will invest up to $603 million into the HMC energy platform. The funding comprises an initial $355 million at close, alongside up to $248 million to fully fund the platform’s first battery energy storage system development.

HMC Capital is also set to receive a $35 million establishment fee to be recognised in its FY26 results. Following completion, HMC’s invested capital in the platform will reduce to approximately $190 million by 30 June.

Once finalised, the clean energy platform will be rebranded and operate under the name Illuma Energy.