Allens has advised the shareholders of Zenith Energy – OPTrust, Foresight Group, Pacific Equity Partners and management – on the proposed sale of Zenith to global investment firm KKR.
The proposed sale will strengthen Zenith's renewable and hybrid energy offerings for remote, energy-intensive Australian industries.
Allens advised on all aspects of the transaction, including due diligence, regulatory considerations and the negotiation of transaction documentation.
'Despite global headwinds, this transaction reflects the continued strength of investor interest in remote and sustainable energy infrastructure. It also demonstrates the critical role that private capital is playing in facilitating the energy transition journey in Australia,' said lead partner Noah Obradovic.
'Zenith's role in enabling the decarbonisation of Australia's resources sector makes it a highly strategic platform, and we're proud to have supported the consortium throughout its ownership.'
Allens has a long-standing relationship with Zenith Energy, having advised on the consortium's original acquisition in 2020, multiple build-own-operate projects, and Zenith's recent $1.9 billion refinancing.
The deal adds to Allens' recent work in the energy transition space, including advising on Neoen's proposed divestment of its Victorian portfolio and Pacific Green's sale of the Limestone Coast BESS. It also follows a series of high-profile transactions in the remote power sector, including Pacific Energy's recent capital raise, on which Allens also advised.
