HMC Capital Commits Equity for 300 MW Moorabool Big Battery as 2 GW Renewable Pipeline Gears Up for FID

The Australian utility-scale energy storage market continues its rapid expansion. HMC Capital has officially announced that it holds "committed equity" to develop its flagship AU$800 million Battery Energy Storage System (BESS) in Victoria. This massive 300-megawatt (MW), 4-hour duration facility represents the cornerstone of the firm’s rapidly scaling energy transition platform, Illuma Energy.

Since launching in 2024, Illuma Energy has quickly cemented itself as a top-10 platform within the National Electricity Market (NEM). With AU$1.5 billion already invested across wind, solar, and storage, and a staggering AU$10 billion development pipeline encompassing approximately 5 gigawatts (GW) across 19 projects, HMC is aggressively driving its portfolio toward Final Investment Decision (FID).

Here is a technical and commercial breakdown of HMC’s flagship battery project, its strategic global capital partnership, and the massive pipeline of hybrid energy assets preparing for construction.

⚡ The KKR Partnership & The Moorabool BESS

Illuma Energy’s momentum received a massive catalyst on June 30, following a finalized strategic partnership with global investment heavyweight KKR. This alliance delivered a highly lucrative $603 million capital injection, including an initial $355 million at financial close and up to $248 million designated explicitly for the platform's first major BESS development.

According to HMC Capital COO Victoria Hardie, this $248 million tranche will fund up to 90% of the equity component for the platform's debut battery project. While formally unnamed in the briefing, this is widely recognized as the Moorabool BESS (also designated as VBB2).

Moorabool BESS: Key Project Metrics

• Capacity: 300 MW / 1,200 MWh (4-hour deep storage).

• Location: Sited adjacent to AusNet Services’ Moorabool Terminal Station, approximately 13 km north-west of Geelong, Victoria.

• Strategic Siting: Located directly next to the existing 300 MW Victorian Big Battery, leveraging established transmission infrastructure and dispatch efficiencies.

• Revenue Underwriting: Successfully secured a federal Capacity Investment Scheme (CIS) contract in June, providing the long-term revenue certainty required to confidently reach FID.

🏗️ 2 GW of Renewables & Storage Nearing FID

The Moorabool project—acquired as part of a $950 million portfolio purchase from Neoen Australia in 2025—is just the beginning of Illuma Energy's aggressive commercial rollout.

With 652 MW of operational capacity already established (85% of which is highly contracted), the platform is currently advancing an additional 2 GW of near-term renewable and storage projects toward final investment decision over the next two years.

The Near-Term Development Pipeline:

1. Bawurra BESS (Queensland): A massive storage facility proposed for the Western Downs region, targeting up to 400 MW with a four-hour-plus discharge duration.

2. Molong BESS (New South Wales): A 150 MW, four-hour storage asset proposed for the state's central-west to firm intermittent local generation.

3. Kentbruck Wind Farm (Victoria): A highly unique up-to-600 MW wind generation project proposed for construction within a commercial pine plantation in Nelson.

HMC Managing Director and CEO David Di Pilla emphasized that introducing institutional capital via KKR protects HMC’s exposure to platform value creation while establishing a highly clear pathway to push near-term assets past the $3 billion+ AUM (Assets Under Management) mark.

Defending the firm's capital structure, Di Pilla noted that the energy platform holds "an appropriate level of gearing for an infrastructure business with high quality underlying cash flows."

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