Private equity major KKR has agreed to invest A$500 million (about $329 million) in CleanPeak Energy, a specialist renewable energy company in Australia, according to an announcement.
The investment, per the announcement, will help accelerate the growth of CleanPeak’s distributed energy platform targeting Australia’s commercial and industrial sector (C&I).
The investment, made through KKR’s Global Climate Transition strategy, marks the strategy’s first in Asia-Pacific and will support CleanPeak’s development of distributed solar, battery storage, and micro-grid solutions.
The transaction is expected to close in the second half of 2025, subject to regulatory approvals.
Founded in 2017 by Philip Graham and Jon Hare, CleanPeak operates over 50 distributed generation sites across Australia, including 140 megawatts of solar assets and 35 megawatt-hours of battery energy storage systems.
The company has a further 100 MW of solar and 300 MWh of battery projects in the pipeline and is currently delivering over A$200 million worth of construction projects.
CleanPeak CEO Philip Graham said the partnership would support the company’s expansion and acquisition plans.
“They bring deep energy transition expertise, financial strength, and a partnership mindset that will allow CleanPeak to continue to offer net-zero solutions,” he said.
The deal is KKR’s sixth under the Global Climate Transition strategy, which has previously backed UK-based Zenobē, Germany’s EGC, Dawsongroup, US-based Avantus, and IGNIS P2X.
KKR said it has committed more than $34 billion to climate and environmental sustainability investments since 2010.
“Australia’s C&I energy market is at an inflexion 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.
Last month, KKR agreed to acquire Zenith Energy, one of Australia’s largest independent power producers, for an undisclosed amount.
The transaction will see KKR acquire the power producer from a consortium that includes Pacific Equity Partners, OPSEU Pension Trust, and Foresight Group. Per the announcement, Zenith’s founder and management team will retain a minority stake.
The consortium acquired Zenith Energy for an enterprise valuation of A$250 million in 2020.
