KKR to ‘acquire £800m stake’ in storage company ZenobÄ“

September 6, 2023

US investment company KKR is to become a joint owner of UK battery storage company ZenobÄ“ in an £800 million deal, according to reports.

It is understood that KKR and Zenobē will confirm the deal later this week.

Under the terms of the transaction, KKR will acquire an approximate 45 per cent stake in Zenobē.

In February this year,  ZenobÄ“ announced it had secured a £235m long-term debt facility structured by NatWest as sole debt advisor. The financing was provided by Canadian Imperial Bank of Commerce, Rabobank, Santander UK, Siemens Financial Services through Siemens Bank and NatWest to fund Zenobē’s next two grid-scale, transmission connected battery storage assets – totalling 400 MW / 800 MWh – in Scotland. The debt structure also included a £400m accordion facility that was earmarked for debt finance expansions at each site as well as future projects that will bring Zenobē’s total battery storage portfolio in Scotland to 1,050MW / 2,100MWh by 2026.

Zenobē currently has around 430MW of contracted grid-scale battery storage in the UK, approximately 170MW of which is operational.