US-based investment firm KKR has stepped up its involvement in Australia’s clean energy market with a $603 million investment in local asset manager HMC Capital, reinforcing its long-term commitment to the country’s energy transition.
The deal positions KKR as a strategic partner in HMC Capital’s renewable development portfolio, which includes a 5.7-gigawatt pipeline of battery energy storage systems and wind projects. Among the assets is the proposed 600-megawatt Kentbruck wind farm in Victoria’s south-west, which recently received approval from the state government.
KKR said the partnership reflects its assessment that Australia’s shift to renewable energy will require substantial capital, particularly for flexible infrastructure such as battery storage to support grid reliability. The firm noted that working closely with HMC would allow both parties to expand renewable capacity at scale.
Neil Arora, KKR partner and head of Asia climate strategy, said the collaboration would combine global expertise with local market experience to support Australia’s decarbonisation goals.
On his part, HMC Capital’s managing director and chief executive officer, David Di Pilla, said the investment would accelerate the company’s ability to grow operating assets, boost cash flow, and advance its renewable development pipeline, aligning with Australia’s target of achieving net-zero emissions by 2050.
The latest move adds to KKR’s growing footprint in Australia’s energy sector. In mid-2025, the firm acquired independent power producer Zenith Energy for $1.7 billion, aimed at expanding renewable and hybrid power solutions in remote and energy-intensive regions. KKR also entered a $500 million partnership with CleanPeak Energy to develop distributed energy assets across the country.
Globally, KKR said it has committed more than $44 billion to climate and environmental sustainability investments since 2010.
Subject to approval by Australia’s Foreign Investment Review Board, the partnership with HMC Capital is expected to be completed by mid-2026.
