Private equity news uk KKR to Acquire UK Battery Storage Zenobē in $1 Bil Deal

KKR to Acquire UK Battery Storage Dev Zenobē in $1 Bil Deal

KKR is set to invest $750 million in UK battery storage developer Zenobē, according to Bloomberg.

This fresh investment will make KKR the largest shareholder in the company, with a roughly 45% stake, alongside existing investor Infracapital.

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The deal values Zenobē at around £800 million ($1 billion).

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Zenobē is known for developing grid-scale battery energy storage system (BESS) projects in the UK, as well as providing fleet electrification solutions and second life repurposing of EV batteries into BESS.

The company’s notable grid-scale BESS projects include a 300MW/600MWh unit in Blackhillock, Scotland, which is part of a portfolio of four sites in Scotland totalling 1050MW/2100MWh of energy storage.

Construction on the Blackhillock site began earlier this year, and commercial operation is scheduled for mid-2024.

Zenobē made headlines earlier this year when it claimed to have launched the largest BESS directly connected to a transmission network in Europe.

The direct connection to the high-voltage transmission network ensures a more reliable connection and greater visibility to the grid operator. The company is also working on providing reactive power services.

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