Infrastructure Capital Group and OPTrust

A$259m scheme of arrangement to acquire Zenith Energy with Pacific Equity Partners

August 2020

In August 2020 Zenith Energy Limited ("Zenith") completed a scheme of arrangement where Infrastructure Capital Group, OPSEU Pension Plan Trust Fund ("OPTrust") and Pacific Equity Partners Secure Assets Fund ("PEP") formed a consortium to acquire Zenith.

Under the scheme, shareholders received offered A$1.05 per Zenith share in cash which equates to an enterprise value for the company of A$259 million.

Zenith is a Western Australian based company which provides remote power generation solutions, using thermal and sustainable fuel sources for predominantly mining projects in the Asia Pacific region. At the time it owned installed generation capacity of approximately 226MW.

Azure acted as financial adviser to consortium members OPTrust and Infrastructure Capital Group on the scheme, including providing valuation, structuring and strategic advice, and negotiating relevant transaction agreements.