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Transaction marks latest infrastructure investment in ANZ and renewable energy investment in APAC

SYDNEY--(BUSINESS WIRE)-- KKR, a leading global investment firm, today announced the signing of definitive agreements to acquire Zenith Energy (鈥淶enith鈥� or the 鈥淐ompany鈥�), a leading independent power producer (鈥淚PP鈥�), from a consortium including Pacific Equity Partners, OPSEU Pension Trust (鈥淥PTrust鈥�), and Foresight Group (together the 鈥淐onsortium鈥�), with Zenith鈥檚 founder and management retaining a minority stake. KKR鈥檚 investment will position Zenith well for continued long-term growth on the back of favorable sector fundamentals and macro tailwinds.

Zenith specialises in the delivery of sustainable and reliable hybrid power solutions for remote, off-grid resource sector clients and urban microgrids for commercial, industrial, and residential precincts. Zenith provides an essential service for Australia鈥檚 large off-grid mining industry and the Company has established a strong track record over its 18-year operating history. Today, the Company has more than 710MW contracted capacity across ~15 sites, secured under long-term contracts.

Andrew Jennings, Managing Director and Head of Australia & New Zealand (ANZ) Infrastructure, KKR, said, 鈥淶enith鈥檚 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.鈥�

Zenith鈥檚 CEO and Managing Director, Hamish Moffat, said: 鈥淲e are excited by the opportunity presented by KKR鈥檚 investment in the company and its strategy, which is a strong validation of Zenith鈥檚 capabilities and competitive edge. The investment by KKR will accelerate our growth and ability to service large scale projects with a broad capital base. There are significant and immediate opportunities inherent in the decarbonisation of Australia鈥檚 mining sector, which Zenith is uniquely positioned to deliver via large-scale, high penetration, hybrid power projects. Today鈥檚 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鈥檚 mining sector intensifies its decarbonisation efforts.鈥�

The announcement follows Zenith鈥檚 completion of a A$1.9 billion refinancing and upsizing of its existing bank debt facilities, with the increased limit providing the company with more than A$1 billion of growth capital from several lenders to support the development of new projects. A portion of this includes green loan facilities, underscoring Zenith鈥檚 commitment to the energy transition of Australia鈥檚 resource sector by delivering renewable power technologies and lower emissions solutions for mine site energy supplies.

KKR is making this investment from its Asia Pacific Infrastructure Investors II Fund. KKR has a long track-record investing in the renewables sector and energy transition thematic. Past investments in the renewables sector in Asia Pacific include Spark Infrastructure, which owns high-quality, regulated electricity networks across Australia; Virescent Renewable Energy Trust, a renewable energy platform in India; Hero Future Energies, a global renewable energy company; First Gen, a provider of clean and renewable power in the Philippines; and Aster Renewable Energy, a renewables platform in Taiwan. KKR鈥檚 Asia Pacific infrastructure platform has grown to approximately US$13 billion in assets under management since it was established in 2019.

The transaction is expected to close in late 2025, subject to customary regulatory approvals.

About Zenith Energy

Zenith Energy is Australia鈥檚 leading IPP with a portfolio of grid-connected and islanded remote microgrids throughout Western Australia and the Northern Territory. Zenith Energy is Australia鈥檚 largest IPP (by total contracted capacity in the mining and property sectors) and has a contracted capacity of approximately 700MW. The company operates a Build 鈥� Own 鈥� Operate model and integrates a complete range of renewable and thermal energy generation with innovative technologies to deliver cost-effective and reliable, sustainable energy power solutions.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR鈥檚 insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR鈥檚 investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR鈥檚 website at . For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group鈥檚 website at .

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Media Contacts

For KKR:

Wei Jun Ong

+65 6922 5813

[email protected]

James Strong

+61 (0)448 881 174

[email protected]

For Zenith Energy:

Caroline Stanley

+61 402 170 901

[email protected]

Source: KKR