The rebrand coincides with the financial close of HMC’s strategic partnership with US-headquartered private equity investment firm Kohlberg Kravis Roberts & Co (KKR), which committed up to AU$603 million (US$423 million) to the platform in February 2026.
That deal, structured as an initial AU$355 million investment at financial close, followed by up to AU$248 million earmarked for the platform’s first battery storage development project, introduces KKR as a capital and infrastructure partner alongside HMC.
KKR has in the past invested in numerous energy storage industry players, including US developers Stellar Renewable Power and Peregrine Energy Solutions, UK renewable energy independent power producer (IPP) ContourGlobal and (now bankrupt) BESS integrator Powin, but has drawn criticism for its investments in fossil fuel industries.
The arrangement reduces HMC’s direct capital exposure in the platform to approximately AU$190 million while preserving its participation through equity and management fees.
Gerard Dover, CEO of Illuma Energy, said the name reflects the role energy plays in the broader economy.
