Latest news with #HamishMoffat
Business Times
11 hours ago
- Business
- Business Times
KKR buys Australian off-grid power specialist Zenith Energy
[SYDNEY] KKR has agreed to buy Australia's Zenith Energy, a provider of off-grid power systems, from a group including Pacific Equity Partners Pty, Opseu Pension Trust and Foresight Group Holdings. The investment firm did not provide a value for the deal, but said in a statement that it followed Zenith's completion of a A$1.9 billion (S$1.6 billion) refinancing that provided the company with more than A$1 billion of capital to support the development of new projects. KKR will make the investment from its Asia-Pacific Infrastructure Investors II Fund. KKR paid A$1.7 billion at 12 times contracted earnings, according to two people close to the deal. KKR and Zenith declined to comment on the price. Zenith has more than 710 megawatts of contracted capacity with resource-sector clients and urban microgrids, according to Tuesday's statement. The Perth-based company is seeking to help Australia's mining sector speed up efforts to reduce its emissions, chief executive officer Hamish Moffat said. 'Zenith has established itself as one of the clear leaders in deploying and managing hybrid power solutions in Australia, a priority market for KKR in Asia Pacific,' said Andrew Jennings, KKR's managing director and head of Australia & New Zealand Infrastructure. 'Zenith's 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.' The transaction is expected to close late this year. BLOOMBERG
Reuters
14 hours ago
- Business
- Reuters
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)
