Private equity giant KKR is investing $500 million into CleanPeak Energy, a solar and storage start-up co-founded by a former Citi banker. This marks a significant investment in the sector, targeting rooftop solar panels and battery installations on shopping centres and industrial premises. CleanPeak Energy is a Sydney-based company focused on providing on-site solar and storage systems to commercial and industrial clients. The company aims to help these customers meet their climate targets and reduce costs.
This investment is being made under KKR’s climate transition strategy, which has already committed more than $US34 billion ($51.9 billion) to climate and environmental sustainability ventures globally. CleanPeak Energy intends to use the funds to accelerate its expansion and meet increasing demand among commercial and industrial customers.
According to CleanPeak chief executive Philip Graham, the investment will significantly boost the company’s capacity. The company provides on-site solar and battery solutions for commercial properties. Supplemented by debt, the deal would give CleanPeak about $1 billion of capacity on its balance sheet to accelerate its rollout, Graham said. This will allow CleanPeak to expand its operations and tap into the growing market for on-site solar and storage systems.
