The Victoria renewables and energy storage includes the already operational Victorian Big Battery (pictured). Image: AEMO. ASX-listed alternative asset manager HMC Capital has completed the acquisition of French independent power producer (IPP) Neoen's energy storage and renewables portfolio in Victoria, Australia. The deal, which amounts to AU$950 million (US$610 million), was first announced in December 2024 and includes several large-scale battery energy storage systems (BESS), such as the 350MW/450MWh Victorian Big Battery, which has been in operation since 2021. HMC Capital confirmed that the deal was completed on 1 August, consistent with the expected timing set out on 1 July. The asset manager secured Neoen's 652MW operating portfolio, which includes the 224MW Bulgana Green Power Hub, which includes a 20MW/34MWh BESS, the 128MW Numurkah Solar Farm, and the Victorian Big Battery.