KKR has acquired Zenith Energy, Australia鈥檚 leading independent power producer from a consortium including Pacific Equity Partners, OPSEU Pension Trust and Foresight Group.
Zenith Energy鈥檚 management will retain a minority stake in the A$1.7bn deal (鈧�955m).
Zenith, founded in 2006, specialises in the delivery of sustainable and reliable hybrid power solutions for remote, off-grid resource sector clients and urban microgrids for commercial, industrial and residential precincts.
Andrew Jennings, managing director and head of Australia & New Zealand infrastructure, KKR, said: 鈥淶enith鈥檚 position at the forefront of the energy transition, coupled with its long-term relationships with strategic, high-quality counterparties, make it an ideal investment for our Asia Pacific infrastructure platform.鈥�
KKR is making this investment from its Asia Pacific Infrastructure Investors II fund.
Zenith鈥檚 CEO and managing director, Hamish Moffat, said: 鈥淭he investment by KKR will accelerate our growth and ability to service large scale projects with a broad capital base.
鈥淭here are significant and immediate opportunities inherent in the decarbonisation of Australia鈥檚 mining sector, which Zenith is uniquely positioned to deliver via large-scale, high penetration, hybrid power projects.
The sale to KKR follows Zenith鈥檚 completion of a A$1.9bn refinancing and upsizing of its existing bank debt facilities.
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