HMC Capital's KKR partnership funds 90% of first new-build battery storage site equity in Australia

The project in question, though not yet formally confirmed, is expected to be the Moorabool BESS, a 300MW/1,200MWh facility sited next to AusNet Services’ Moorabool Terminal Station, around 13km northwest of Geelong, immediately adjacent to HMC’s existing 450MWh Victorian Big Battery.

Moorabool secured a Capacity Investment Scheme Agreement (CISA), providing a long-term federal government revenue underwrite that de-risks project economics.

KKR partnership funds up to 90% of the project’s equity

The capital underpinning Moorabool traces back to a February 2026 strategic partnership between HMC and global investment firm KKR, which committed up to AU$603 million (US$423 million) to Illuma Energy’s platform, structured as an initial AU$355 million investment at financial close, plus up to AU$248 million earmarked specifically for the platform’s first battery storage development.

That AU$248 million commitment will fund up to 90% of the Moorabool project’s equity component, according to Hardie, reducing HMC’s direct capital exposure while preserving its participation through equity and management fees.