Global investment firm KKR has entered into definitive agreements to acquire Zenith Energy, an independent power producer specialising in hybrid power solutions for remote and off-grid clients in Australia. The acquisition is being made from a consortium comprising Pacific Equity Partners, OPTrust, and Foresight Group. Zenith’s founder and management team will retain a minority stake in the business.
Zenith operates over 710 megawatts of contracted capacity across approximately 15 sites and serves a critical role in powering Australia’s off-grid mining operations, as well as urban microgrids for commercial and industrial clients. The company has built its business over an 18-year operating history with a focus on sustainable and reliable energy delivery.
Andrew Jennings, Managing Director and Head of Infrastructure for Australia & New Zealand at KKR, said: “Zenith’s position at the forefront of the energy transition, coupled with its long-term relationships with high-quality counterparties, makes it a strong fit for our Asia Pacific infrastructure platform. We look forward to supporting Zenith’s continued growth as demand for off-grid renewable power increases.”
Zenith CEO and Managing Director Hamish Moffat welcomed the partnership with KKR, noting the potential to expand the company’s capabilities amid rising demand for decarbonisation in Australia’s mining sector: “There are significant and immediate opportunities in the decarbonisation of Australia’s mining sector, which Zenith is well positioned to address through high-penetration hybrid power projects.”
The acquisition follows Zenith’s recent refinancing and upsizing of its bank debt facilities, totalling A$1.9 billion. The increased facility limit provides the company with more than A$1 billion in growth capital, including green loan components, to support future project development.
KKR is making the investment through its Asia Pacific Infrastructure Investors II Fund. The firm has a history of backing energy transition and renewables-focused companies in the region, including investments in Spark Infrastructure (Australia), Hero Future Energies (India), and Aster Renewable Energy (Taiwan).
The transaction is expected to close in late 2025, pending regulatory approvals.
