It will be investing $50 million for its energy transition platform
International law firm Allens has advised alternative asset manager HMC Capital regarding its investment for its Energy Transition platform.
Eager to build a portfolio which will reach up to 15GW in development assets, HMC Capital will be investing about $50 million to Stor-Energy, a specialist developer, owner, and operator of utility-scale battery energy storage systems.
This is to secure a major interest in the developer and will entail an initial investment as well as additional funding over three years as the transaction marked the first seed investment of the asset manager.
Allens Partner Kate Axup shared how the law firm was pleased about the transactions.
“We are really pleased to have supported HMC on the first investment for its Energy Transition platform and look forward to continuing to work with HMC on the expansion of this unique vehicle and the development of the platform assets,” she said.
Axup’s fellow partner Chelsey Drake added how the transaction as well as the platform served as great examples regarding the contributions of private capital to the growth of energy transition.
“This transaction and the platform are great examples of how private capital can drive the energy transition. This work underscores our commitment to supporting clients in their sustainable investment strategies,” said Drake.
HMC Capital’s investment to its Energy Transition platform will see the inclusion of development assets found across the energy value chain, which includes wind, solar, batter, biofuels, and emerging technologies.
As a specialist developer, Stor-Energy looks into the large-scale battery storage systems currently has a development pipeline which includes six proposed battery projects all over Australia.
The deal is expected to reach financial close sometime in July 2024.
Allens is the oldest law firm in Australia and serves as an international law firm which has 41 offices in 26 countries in alliance with British multinational law firm Linklaters.
