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KKR’s US$748 million investment in UK’s Zenobē Energy confirmed

By George Heynes

Confirming reports made earlier this week, UK battery storage developer Zenobē Energy has secured an investment of c.£600 million (US$748 million) from investment firm KKR.

As reported by on 5 September, the deal would make KKR and current majority shareholder Infracapital joint majority shareholders. Although it has not been confirmed in the statement made by Zenobē, it is believed that KKR will acquire a 45% stake.

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The equity investment will play a role in expanding the battery storage developer across international markets such as the UK, North America, Europe, Australia and New Zealand. Alongside battery storage, the funding will also be used to “fuel the expansion of the company’s fleet electrification,” with the company involved in delivering e-mobility solutions and associated infrastructure, such as electric buses and charging stations.

The investment is the latest in a series of financial agreements by Zenobē, which has secured around £1.8 billion of equity and debt finance since being established by its three founders Nicholas Beatty, James Basden and Steven Meersman in 2017, the firm declared.

Recent notable grid-scale battery energy storage systems (BESS) Zenobē is working on include a 300MW/600MWh unit in Blackhillock, Scotland, on which construction started earlier this year with commercial operation scheduled for mid-2024. 

To read the full version of this story visit Solar Power Portal.’ publisher Solar Media will host the 9th annual Energy Storage Summit EU in London, 21-22 February 2024. This year it is moving to a larger venue, bringing together Europe’s leading investors, policymakers, developers, utilities, energy buyers and service providers all in one place. Visit the official site for more info.

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