HMC Capital appoints to C-suite

HMC Capital has appointed Gerard Dover as chief executive of energy transmission platform as it seeks to merge two energy platforms acquisitions into one.

HMC said the acquisition of Neoen Australia's Victorian assets (Neoen VIC portfolio) has seen settlement deferred by one month to 1 August 2025.

Once settlement is complete HMC said it intends to merge Neoen VIC portfolio and Stor Energy battery platforms to create a consolidated operating platform, which will be overseen by Dover.

HMC will invest $50 million of equity into Neoen VIC portfolio at financial close, combined with senior debt working capital and development capital facilities, which it said would provide strong liquidity to fund platform operations and progress the medium-term development of the portfolio.

HMC said it would fund the $50 million investment from its existing $675 million senior debt facility.

In addition to the senior debt facility, HMC secured an underwritten $200 million non-recourse mezzanine facility against Neoen VIC portfolio renewable assets, which will be drawn down at financial close.

Dover is currently the chief executive of Stor Energy and he - along with his management team - will oversee the new consolidated platform.

"The team is well credentialed and includes a broad range of industry leadership with deep operational, development, financial and technical capabilities across the battery and wind asset sectors," HMC said.

Dover said it was excited to take on the new role within HMC.

"I am looking forward to leading the business, building out this market-leading platform and creating significant value for shareholders," Dover said.

"We also welcome the Victorian development team moving across from Neoen who, alongside the talented Stor Energy team, are joining HMC Capital as part of this transaction."

HMC Capital chair of energy transition Julia Gillard said the move was an "exciting step" in HMC's ambition to champion Australia's net zero carbon economy by 2050.

"The additional financing we have secured will help accelerate the build out of the portfolio's large sale development pipeline and generate significant value for HMC shareholders and platform investors," Gillard said.

In addition, HMC also confirmed Angela Karl would be stepping down from her position as managing director, head of energy transition.

"During her time with HMC, Angela has played a pivotal role in building and leading the establishment of HMC's energy transition capability," HMC said.

"We are grateful for Angela's contribution, and we with her well in her future endeavours."