KKR To Invest $328 Million In Australian Solar Company CleanPeak Energy
New York-based KKR has agreed to invest A$500 million ($328 million) in Sydney-based CleanPeak Energy as the U.S. private equity giant seeks to grow its renewable energy footprint across the Asia Pacific.
CleanPeak will use the funding to develop its solar, battery storage, and microgrid projects across Australia, according to a statement released on Sunday.
'Australia's commercial and industrial energy market is at an inflection point as corporates seek bankable pathways to better energy efficiency, reliability and affordability,' said Neil Arora, partner and head of KKR's climate transition strategy for Asia.
The deal—which comes a month after KKR agreed to buy Zenith Energy, one of Australia's largest independent power producers—is slated to be completed later this year, subject to regulatory approvals. Since 2010, KKR has committed over $34 billion to climate and sustainability projects, including investments in companies such as U.K.-based Zenobē, Germany's EGC, and Avantus in the U.S.
Founded in 2017 by Philip Graham and Jon Hare, CleanPeak runs more than 50 energy projects across Australia, with an existing capacity of over 140 megawatts from solar power and 35 megawatt-hours of battery storage facilities. It has a pipeline of over $200 million worth of energy projects.
'CleanPeak's distributed energy approach reduces network costs which make up a significant portion of the all-in cost of retail electricity and results in more competitive power prices for our customers,' Jon Hare, CEO of CleanPeak said in the statement.
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