Stonepeak Funds ZEN Energy to Add Second Largest Battery to South Australia's Electricity Network

ZEN Energy ("ZEN" or "the Company") has successfully signed definitive documentation to secure funding from Stonepeak to facilitate the construction of the second largest energy storage project in South Australia's electricity network.

Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, through its portfolio company Peak Energy, a platform dedicated to the development of renewable assets across Asia Pacific, has announced an up to ~A$70 million (~US$46 million) investment into Australian-owned ZEN Energy's Templers Battery Energy Storage System ("Templers BESS").

• Templers BESS, located 60 kilometers north of Adelaide, South Australia, is a 111 megawatt / 291 megawatt hour battery energy storage system that, when completed, will be the second largest system by energy stored in South Australia.
• ZEN's ability to construct the battery has been enabled through the South Australian Government's commitment to a long-term renewable energy contract with ZEN.
• Stonepeak's funding through an innovative structure has facilitated ZEN's ownership of the Templers BESS asset, with opportunities to extend the support as ZEN delivers against its significant pipeline of renewable assets.

Anthony Garnaut, Chief Executive Officer of ZEN Energy, said, "Templers BESS is a key milestone in ZEN's significant growth and marks our first substantial asset, in the State where we started. The South Australian Government, through committing to a long-term contract with a renewable retailer has enabled this significant investment in further stabilising the supply of renewable, affordable energy into South Australia. Stonepeak and Peak Energy's commitment to ZEN will enable us to continue to bring more renewable assets to the grid in South Australia."

Darren Keogh, Senior Managing Director at Stonepeak, said, "ZEN has built a strong business through a combination of long-term customer contracts and renewable PPA offtake agreements and we are excited by the Company's growth trajectory and potential impact on the energy transition in Australia. We look forward to partnering with ZEN as they continue working on Templers BESS and building out their pipeline."

Gavin Adda, Chief Executive Officer of Peak Energy, said, "Peak Energy is delighted to be working with ZEN to bring Templers BESS towards commercial operations and support the development of future projects in the region."

About ZEN Energy

A 1.5°C world for everyone. ZEN is Australia's only electricity retailer to have a science-based emissions reduction plan in line with limiting global heating by 1.5°C this decade. We form long-term and sustainable partnerships, delivering our plan in a way that is sensitive to the needs of Australia's First Peoples of nature, and of local communities. Our key customers include the South Australian Government, CSIRO's sites in New South Wales, Victoria, South Australia and the Australian Capital Territory, Bunnings in Victoria, and South Australia and ISPT in Queensland. ZEN provides renewable energy to the Southern Sydney Regional Organisation of Councils (SSROC), which comprises 25 local councils in New South Wales representing nearly 40 per cent of the state's population. Our total customer volume is over 1TWh, supplied from our growing portfolio of renewable assets located across Australia.

As a renewable energy developer, ZEN is working on two key projects: The Templers Battery Project; Solar River Battery and Solar Project. ZEN is progressing other renewable energy and battery storage projects located across the National Energy Market (NEM).

About Stonepeak

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately US$61.1 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include communications, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Hong Kong, Houston, London, Singapore, and Sydney. For more information, please visit www.stonepeak.com.

About Peak Energy

Stonepeak's investment in Templers BESS is being made through its 100% owned affiliate Peak Energy. Peak Energy is an Independent Power Producer that develops, owns, and operates renewable assets across Asia Pacific. In partnership with high-quality local partners, an experienced team manages Peak Energy's energy assets from origination and development through to operations and decommissioning with best-in-class industry best practices. Peak Energy owns a portfolio of gross 194MW in operation, 10MW in construction or ready-to-build, and 356MW in development across Korea and Japan.