Part 4/7:
HMC Capital's case exemplifies this dependency. The company acquired its renewables portfolio with minimal upfront investment—mostly paper promises, including Power Purchase Agreements (PPAs) and debt. Six days after their acquisition, Chris Bowen announced a government subsidy that effectively underwrote the future revenues of the Kent Brook wind farm, one of the major assets in the portfolio. This rapid "reward" was facilitated by Bowen’s decision to back the project, a move that appeared to be orchestrated in favor of political allies.
Furthermore, Julia Gillard, a former Prime Minister and Chris Bowen's political mentor, now chairs the fund managing these assets. Such connections raise questions about transparency and the fairness of the process through which subsidies are awarded.