Investment company KKR has agreed to invest A$500m ($328.2m) in CleanPeak Energy to enhance the distributed energy platform in Australia.
The strategic partnership will bolster the development and growth of distributed solar, battery storage and microgrid solutions within the commercial and industrial sector.
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CleanPeak Energy, co-founded by Philip Graham and Jon Hare in 2017, is a provider of fully financed, integrated solar and storage systems for blue-chip corporates across the country.
The company has more than 50 distributed generation sites, including more than 140MW of solar assets and 35 megawatt hours (MWh) of battery energy storage system projects.
CleanPeak is currently executing more than A$200m in construction projects within the sector.
CleanPeak CEO Philip Graham stated: “KKR is a perfect strategic partner for us as we seek to rapidly expand renewable energy solutions for our customers.
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By GlobalData“They bring deep energy transition expertise, financial strength and a partnership mindset that will allow CleanPeak to continue to offer net-zero solutions at the same time as accelerating our growth plans through bolt-on acquisitions. Together, we will deliver reliable, lower-carbon energy for corporate Australia.”
The investment from KKR is sourced from its Global Climate Transition strategy, marking its first venture in the Asia-Pacific region and its sixth transaction worldwide.
The transaction is anticipated to conclude in the second half of 2025, pending customary regulatory approvals.
KKR climate transition strategy for Asia partner and head Neil Arora stated: “Australia’s C&I [commercial and industrial] energy market is at an inflection point as corporates seek bankable pathways to better energy efficiency, reliability and affordability.
“By combining CleanPeak’s proven operating platform with KKR’s global network, operational expertise, and deep experience across our energy and infrastructure teams, we are well-positioned to unlock significant opportunities for corporate customers looking to decarbonise and reduce their energy bills.”
KKR has also recently finalised agreements to acquire Zenith Energy, an Australian independent power producer.
This acquisition from a consortium of Pacific Equity Partners, Canada’s OPSEU Pension Trust (OPTrust) and the Foresight Group will enable Zenith to extend its renewable and hybrid energy solutions across Australia’s remote and energy-intensive sectors.
