Sydney, AUSTRALIA – Pacific Equity Partners Secure Assets Fund I (‘PEP’ or ‘PEP SAF I’) has entered into an agreement to sell 100% of its shares in Zenith Energy Pty Ltd (‘Zenith’) to KKR & Co. Inc (‘KKR’). The transaction is expected to be completed in Q4 2025, subject to customary approvals.
Funds managed or advised by PEP acquired Zenith alongside OPSEU Pension Trust (“OP Trust”) and Foresight (previously ICG) in August 2020.
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’s large off-grid mining industry and the Company has established a strong track record over its 18-year operating history.
During PEP’s ownership, the business has significantly expanded its operations and substantially grown its share of renewable capacity through the integration of new technologies, such as solar, batteries, and wind, thereby reducing both emissions and energy costs for its customers. Today, the Company has operations across ~15 sites secured under long-term contracts.
About Zenith Energy
Zenith Energy is Australia’s leading IPP with a portfolio of grid-connected and islanded remote microgrids throughout Western Australia and the Northern Territory. Zenith Energy is Australia’s largest IPP (by total contracted capacity in the mining and property sectors). The company operates a Build – Own – 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 Pacific Equity Partners (PEP)
PEP is Australasia’s oldest and largest private equity firm, with A$16 billion AUM across various investment strategies. Since 1998, PEP has made more than 200 investments, including bolt-ons, has engaged in A$53 billion of transactions, including both acquisitions and exits, and has delivered a 28% average Net IRR p.a. across the closed-end funds. PEP has been the recipient of various industry awards over the past 27 years, including most recently, the 2024 Firm of the Year Award from the Australian Investment Council (AIC).