KKR to buy Australia's Zenith Energy from consortium
June 17 (Reuters) - Private equity firm KKR (KKR.N), opens new tab said on Tuesday it had agreed to acquire Australian power producer Zenith Energy from a consortium comprising Australia-based Pacific Equity Partners, Canada's OPSEU Pension Trust and London-listed Foresight Group (FSGF.L), opens new tab.
The acquisition marks the latest infrastructure investment in the Asia-Pacific region by KKR, a firm known for its long track record in the renewables sector.
Zenith's founder and management will retain a minority stake following the completion of the deal, KKR said, without disclosing the deal value.
"The investment by KKR will accelerate our growth and ability to service large-scale projects with a broad capital base," Zenith's CEO and Managing Director, Hamish Moffat, said.
"There are significant and immediate opportunities inherent in the decarbonisation of Australia's mining sector, which Zenith is uniquely positioned to deliver."
The announcement comes on the heels of Zenith finalising a refinancing and expansion of its bank debt facilities worth A$1.9 billion ($1.24 billion), which will support the development of new projects.
Zenith, which specialises in providing sustainable and hybrid power solutions, currently has a contracted capacity of over 710 megawatts across around 15 sites located in Western Australia and the Northern Territory.
The transaction is expected to close in late 2025, subject to customary regulatory approvals.
As of March end 2025, KKR had invested $166 billion in capital and managed a portfolio of more than 225 companies, according to the firm's website.
KKR and Zenith did not immediately respond to Reuters' requests for comment on the deal value.
($1 = 1.5344 Australian dollars)
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