Herbert Smith Freehills advises HMC Capital on $950 million renewable energy portfolio acquisition

Herbert Smith Freehills (HSF) has advised ASX-listed alternative asset manager HMC Capital Limited on its agreement to acquire Neoen’s Victorian renewable generation and storage portfolio for AUD$950 million, announced on 5 December.

Neoen’s Victorian portfolio comprises four operating wind farm, solar farm and battery storage assets totalling 652MW and six development assets with total capacity of >2,800MW. These assets will now form the foundation of HMC Capital’s Energy Transition Fund alongside HMC Capital’s existing interest in the Stor-energy battery storage development business that it acquired in July 2024.

The transaction was led for HSF by Projects, Energy & Infrastructure partner David Ryan, with a team that included partners Nick Baker, Miles Wadley, Patrick Clark and Jinny Chaimungkalanont, supported by a team of lawyers including Michael Trent, Blair Feng, Ben Fong, Andrew North, Michael D’Agostino, Matthew Selth, Rachel Foo, Kimberley Lean and Mark Peters.

David Ryan said the acquisition signals strong investor interest in delivering the new renewable generation capacity required for Australia’s energy transition.

“HMC Capital has agreed to acquire one of Australia’s leading renewable generation and storage portfolios, made of up a diverse group of operational and development wind, solar and battery storage assets.

“This transaction establishes HMC Capital as a welcome new participant in the National Electricity Market, with an appetite to further grow its renewable energy business. This was not an easy transaction, but it has been fantastic to work alongside the very capable HMC Capital and Stor-energy teams, and their advisers Macquarie Capital and PwC,” David said.  

Neoen was advised by Allens and Bank of America.

HSF’s Projects, Energy & Infrastructure team advises on major matters relating to the Australian energy and infrastructure sectors. Recent matters include:

• Advising EnergyCo NSW on the roll-out of its renewable energy zone program in NSW.
• Advising Marinus Link on development of the Marinus Link subsea interconnector between Tasmania and Victoria
• Advising the syndicate of lenders on the project financing of Eku Energy’s 250MW/500MWh Big Canberra Battery energy storage project
• Advising Firm Power and Terrain Solar on the sale of its battery and solar business to AGL Energy
• Advising the lenders on the financing of Akaysha Energy’s Ulinda Park BESS project
• Advising Mainstream Renewable Power and Someva Renewables on their successful joint venture bid for a renewable energy investigation permit from the Forestry Corporation of NSW.