David Di Pilla’s HMC Capital has abandoned its plan to build a $2 billion renewables generation and storage empire and has instead put its entire energy portfolio under review and parted ways with the fund’s head.

The asset management firm launched its renewable energy strategy in May last year, hoping to lure big superannuation funds to invest in a portfolio that it hoped would grow to 15 gigawatts of wind and solar energy generation, battery storage, biofuels and emerging technology.