Deals: HMC finalizes $613 million purchase of Neoen storage and assets, HEI divests Hawaii battery and solar assets

Alternative asset manager HMC Capital has completed its acquisition of Neoen SA’s energy storage and renewables portfolio in Victoria, Australia. The deal was first announced in December 2024, and the company announced on July 1 that it expected to finalize the deal, valued at $613 million, by the beginning of August. That timeline was met with the transaction closing on August 1.

The divestment was part of the broader takeover of the French group Neoen by Brookfield Asset Management, which was agreed to by the Australian Competition and Consumer Commission or ACCC in earlier 2024.

The deal gives HMC Capital control of a 652 MW operating portfolio, including the 300 MW / 450 MWh Victorian Big Battery, the 224 MW Bulgana Green Power Hub with its integrated 20 MW battery, and the 128 MWp Numurkah Solar Farm. HMC also secures a 2.8 GW development pipeline featuring 1.3 GW of planned battery storage and over 1.5 GW of wind power.

Hawaiian deal

In a separate transaction, Hawaiian Electric Industries, Inc. (HEI) has closed the sale of its Pacific Current subsidiary’s portfolio of battery energy storage and solar assets to New York-based private investment firm Fortistar and its associated portfolio company Epic Star Energu. The sale includes all operating facilities on Kauai, Oahu, and Maui. The deal was said to ‘not be financially material to HEI,’ implying a low overall cost. While no project details were provided, ESS News believes the assets include Maui College, with a 1.6 MW of solar / 12.8 MWh. battery, plus college assets in Oahu totalling in excess of 50 MWh of storage, and a solar facility in Port Allen without storage.

“This transaction is another milestone on our path to a streamlined HEI enterprise focused on our core utility business,” said HEI CEO Scott Seu. “We believe Epic Star’s expertise in renewable energy will make it a good partner for Hawaii as our state continues on its path to a more clean, reliable and resilient energy future.”

Henry Yun, CEO of Epic Star, highlighted the significance of the energy storage and solar projects. “The acquisition of these important operating solar and battery storage projects further demonstrates our commitment to clean energy in Hawaii,” Yun said. “We are excited to be a part of the state’s energy future and provide reliable, renewable power to our new customers on Kauai, Oahu and Maui.”