KKR, a US private equity firm, has agreed to invest AUD 500 million ($328 million) in CleanPeak Energy, a renewable energy company based in Sydney. The money will help CleanPeak to build new solar, battery storage and microgrid projects across Australia. CleanPeak currently operates over 50 energy projects with 140 MW of solar capacity and 35 MWh of battery storage. It also has a development pipeline worth over $200 million. Founded in 2017 by Philip Graham and Jon Hare, the company uses a distributed energy approach that helps reduce network costs and offers competitive power prices. The deal follows KKR’s recent acquisition of Zenith Energy and is expected to close later this year, pending regulatory approval.