KKR to Acquire Australia’s Zenith Energy in $1.2 Billion Deal

KKR & Co. has agreed to acquire Zenith Energy, an Australian provider of off-grid and hybrid power systems, from Pacific Equity Partners, OPSEU Pension Trust, and Foresight Group. While the deal value wasn’t officially disclosed, it follows Zenith’s A$1.9 billion refinancing, giving the company over A$1 billion in capital for future projects. The investment will be made via KKR’s Asia Pacific Infrastructure Investors II Fund.

Sources familiar with the matter indicated KKR paid A$1.7 billion, equivalent to 12 times Zenith’s contracted earnings. Zenith currently has over 710 megawatts of contracted capacity serving mining clients and urban microgrids. The company is working to support Australia’s mining sector in lowering emissions, according to CEO Hamish Moffat.

KKR’s Andrew Jennings praised Zenith’s leadership in hybrid energy solutions and strong client relationships, calling it a strategic fit for KKR’s infrastructure platform. The deal is expected to close by the end of 2025.