Allens has advised ASX-listed, alternative asset manager HMC Capital on its strategic investment in specialist developer, owner and operator of utility-scale battery energy storage systems Stor-Energy.
This transaction marks the first seed investment for HMC Capital's Energy Transition platform, which has ambitions to build a portfolio of up to 15GW in development assets across the energy value chain, including in wind, solar, battery, bio-fuels and emerging technologies.
HMC will invest up to approximately $50 million to secure a majority interest in Stor-Energy, which will include an initial investment and additional funding over a three-year period, subject to the achievement of early-stage development milestones. Stor-Energy has an existing development pipeline of six proposed battery projects in various jurisdictions in Australia.
'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,' said Partner Kate Axup.
'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 Partner Chelsey Drake.
The deal is expected to reach financial close in July 2024.
Allens legal team
Projects
Kate Axup (Partner), Luisa Colosimo (Senior Associate), Lana Yang (Associate)
M&A
Chelsey Drake (Partner), Greg Lawson (Managing Associate), Annie Shum (Senior Associate), Tigger Sykes (Law Graduate)