Volt Managed Investment Trusts – HMC Energy Transition Platform
Volt Managed Investment Trust 1 and Volt Managed Investment Trust 2 (together, the **Volt MITs**), through their respective trustees, propose to invest A$355 million in HMC Capital Limited’s Energy Transition Platform (**HMC Platform**) through the acquisition of loan notes and share warrants issued by Volt HoldCo Pty Ltd (**Volt HoldCo**) (the **Acquisition**), with the warrants automatically converting into a minority equity interest in Volt HoldCo upon repayment of the loan notes. HMC Platform comprises wholly-owned subsidiaries of Volt HoldCo. The Volt MITs are administered by professional trust companies, namely Perpetual Corporate Trust Limited, and The Trust Company (Australia) Limited, respectively (together, the **Perpetual Trustees**). The single unitholders in the Volt MITs are KKR Global Climate Transition Holdings Pte. Ltd and KKR Asia Climate Holdings Pte. Ltd respectively (the **KKR Funds**). The Volt MITs are ultimately wholly owned by investment funds, vehicles and/or accounts advised and managed by various indirect subsidiaries of KKR & Co. Inc. (together with its direct and indirect subsidiaries, KKR). KKR is a global investment firm that offers alternative asset management as well as capital markets and insurance solutions. HMC Capital Limited (**HMC or HMC Capital**) is an ASX-listed alternative asset manager. The HMC Platform operates energy generation and storage assets and has a development pipeline of wind and energy storage projects. KKR and the HMC Platform (the **Parties**) both operate within the electricity generation supply chain. The Parties horizontally overlap in the operation of electricity generating and storage assets in NEM. Some of HMC Platform’s assets and pipeline projects are, or will be, connected to transmission infrastructure in which KKR has an indirect and minority interest.
- Status
- Assessment completed
- ACCC determination
- Approved
- Stage
- Phase 1 - initial assessment
- Notified
- 14 May 2026
- Determination published
- 5 June 2026
Acquirers
- Volt Managed Investment Trust 2
- Volt Managed Investment Trust 1
Targets
- VOLT HOLDCO PTY LTD