KKR buys Australian power provider Zenith Energy

KKR (NYSE:KKR) said Monday it agreed to acquire Australian independent power producer Zenith Energy (OTCQB:ZENAF) from a consortium including Pacific Equity Partners, OPSEU Pension Trust and Foresight Group.

KKR (KKR) did not provide a value for the deal, but said it followed Zenith's (OTCQB:ZENAF) completion of a A$1.9B (~US$1.2B) refinancing that provided the company with more than A$1B of capital to support the development of new projects.

Zenith's (OTCQB:ZENAF) founder and management will retain a minority stake.

Zenith (OTCQB:ZENAF) specializes in delivering hybrid power to off-grid clients, which is used by Australia's off-grid mining industry; the company has more than 710 MW in contracted capacity across 15 sites.