HMC Capital Limited (ASX:HMC) agreed to acquire Neoen Victorian portfolio-Australian renewable generation and storage portfolio from Neoen S.A. (ENXTPA:NEOEN) for AUD 950 million on December 5, 2024. HMC Capital Limited will pay deferred payment of AUD 950 million cash, wherein in the first installment will be paid in July 2025 and the remaining will be paid in December 2025. As part of consideration, AUD 950 million is paid towards assets of Neoen Victorian portfolio-Australian renewable generation and storage portfolio. The acquisition is expected to be immediately earnings accretive post financial close in FY26. The transaction will be financed through senior debt of AUD 550 million.
The transaction is subject to completion of separate transaction and ACCC approval. As of July 1, 2025, The Neoen VIC Portfolio acquisition announced by HMC Capital Limited will now reach financial close on August 1, 2025, one month later than originally agreed.
Macquarie Capital Limited acted as financial advisor for HMC Capital Limited. David Ryan of Herbert Smith Freehills acted as a legal advisor to HMC Capital Limited.
HMC Capital Limited (ASX:HMC) completed the acquisition of Neoen Victorian portfolio-Australian renewable generation and storage portfolio from Neoen S.A. (ENXTPA:NEOEN) on August 1, 2025.
HMC Capital Limited is an Australia-based diversified alternative asset manager focused on real estate, private equity, energy transition and digital infrastructure. Its segments include Real Estate and Private Equity. Its Real Estate segment includes its HMC Capital managed HomeCo Daily Needs REIT, HealthCo Healthcare and Wellness REIT, HMC Wholesale Healthcare Fund and the Last Mile Logistics Fund. Its Private Equity segment comprises the HMC Capital Partners Fund I. HomeCo Daily Needs REIT invests in convenience-based assets across the target sub-sectors of neighborhood retail, large format retail and health and services. Healthcare and Wellness REIT invests in hospitals; aged care; childcare; government, life sciences and research; primary care and wellness property assets, and other healthcare and wellness property adjacencies. It also operates a Private Credit asset management platform over the medium-term spanning real estate, corporate, mezzanine, and infrastructure loans.
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