5 minZenith Energy clinched two major titles at this year’s 2023 Asian Power Awards: Independent Power Producer (IPP) of the Year – Australia; and ESG Programme of the Year – Australia.
The Awards which are celebrating its 19th year noted Zenith Energy now leads Australia’s IPP sector following a strong 2023 performance, and in its decarbonisation and broader ESG programme.
Zenith’s unique sustainability credentials, in-house capability and proven bankability have delivered a doubling of its contracted generation assets since FY21 from 316 MW to 695 MW today, with growth continuing to accelerate in the foreseeable future.
In FY23, Zenith has contracted and is constructing most of Australia’s off-grid high-penetration renewable power stations to become the leader in the IPP sector in Australia by installed capacity. It is also the sole owner and operator of all three green-titled microgrids connected to Western Australia’s South West Interconnected System (SWIS).
The company has grown its base EBITDA run-rate from ~ $41m, normalised for one-off operational impacts, to more than $108m run-rate inclusive of contracted projects and greater than $120m when factoring in projects awarded with contracts in progress.
This stellar performance has been driven by an improved earnings profile, quality of counterparties and underlying mines, and favourable debt facility terms.
Highlights of Zenith’s 2023 performance were its major contribution to the decarbonisation of Australia’s remote off-grid mining for critical minerals and precious metals, and its SWIS-connected microgrids for land developments in Western Australia.
“The rise in importance of ESG has shone a light on the desirability of working with Zenith. The only IPP in Australia to set a net zero target, Zenith, is on track to be net zero by 2035 across scope 1, 2, and 3 emissions,” the company said.
Zenith Energy’s Managing Director Hamish Moffat said “Zenith achieved significant milestones in 2023 including exceeding three million loss time injury free hours; sector leading engagement with First Nations communities; market share leadership; material EBITDA, and enterprise value growth; and delivering decarbonisation milestones ahead of schedule.
The Asian Power Awards, now in its 19th year, celebrates and honours companies and projects that have taken innovative and game-changing steps to address the effects of the climate crisis and meet the growing demand for energy.
