Latest news with #ZenithEnergy
Yahoo
an hour ago
- Business
- Yahoo
KKR to acquire Australia's Zenith Energy from consortium
Investment firm KKR has signed definitive agreements to acquire Australia-based Zenith Energy from a consortium of Pacific Equity Partners, Canada's OPSEU Pension Trust (OPTrust) and the Foresight Group. The strategic partnership will enhance Zenith's ability to expand renewable and hybrid energy solutions throughout Australia's most remote and energy-intensive sectors. Zenith is an independent power producer focusing on sustainable and dependable hybrid power solutions for remote, off-grid clients in the resource sector, as well as urban microgrids for commercial, industrial and residential areas. The company plays a vital role in supporting Australia's extensive off-grid mining industry and has built a robust reputation over its 18 years of operation. It currently offers more than 710MW of contracted capacity across 15 sites, all secured through long-term agreements. KKR is executing the acquisition through its Asia Pacific Infrastructure Investors II Fund. The transaction marks an expansion by the company into the renewable energy sector as it continues to grow its global infrastructure portfolio. KKR Australia and New Zealand (ANZ) infrastructure managing director and head Andrew Jennings stated: '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. '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. We look forward to supporting Zenith and its management team over the next stage of growth and helping them capitalise on the significant opportunity for off-grid renewable power.' The acquisition follows Zenith's recent A$1.9 billion ($1.24 billion) refinancing and upsizing of existing debt facilities, which provided more than A$1 billion in growth capital from various lenders to support new project development within Australia's resource sector. The deal is expected to close by late 2025, pending regulatory approvals. Zenith Energy CEO and managing director Hamish Moffat stated: 'We are excited by the opportunity presented by KKR's investment in the company and its strategy, which is a strong validation of Zenith's capabilities and competitive edge. The investment by KKR will accelerate our growth and ability to service large-scale projects with a broad capital base. 'Today's announcement positions the company to continue providing our distinct value proposition via these unique remote energy solutions to our existing clients, while enabling us to pursue a robust pipeline of new opportunities as Australia's mining sector intensifies its decarbonisation efforts.' In January 2025, AEP entered a strategic partnership worth $2.82bn with KKR and PSP Investments to divest a 19.9% equity interest in its transmission companies in the US states of Ohio, Indiana and Michigan. "KKR to acquire Australia's Zenith Energy from consortium" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Times
7 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
Wall Street Journal
10 hours ago
- Business
- Wall Street Journal
KKR to Acquire Australian Power Provider Zenith Energy
KKR agreed to acquire Australian independent power producer Zenith Energy. The investment firm said Monday it is buying Zenith from a consortium including Pacific Equity Partners, OPSEU Pension Trust and Foresight Group. Zenith's founder and management will retain a minority stake.
Reuters
10 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)
Bloomberg
10 hours ago
- Business
- Bloomberg
KKR to Buy Australian Off-Grid Power Specialist Zenith Energy
KKR & Co. has agreed to buy Zenith Energy, a Perth-based provider of off-grid power systems, from a group including Pacific Equity Partners Pty Ltd., OPSEU Pension Trust and Foresight Group Holdings Ltd. The investment firm didn't provide a value for the deal, but said in a statement that it followed Zenith's completion of a A$1.9 billion ($1.2 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.
