Zenith Energy wins big at Asian Power Awards
The company established a strong ESG programme and leads Australia’s IPP sector.
Independent Power Producer (IPP) Zenith Energy clinched two major titles at the Asian Power Awards for its strong 2023 performance, as well as its decarbonisation and broader ESG programme goals, actions, and achievements.
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 accelerating 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 $41.1m, normalised for one-off operational impacts, to a $108.1m 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.
This past year, Zenith achieved its 2025 interim net zero milestone two years ahead of schedule through its success in acquiring a dominant market share of hybrid renewable projects.
The ESG programme included effective communication of ESG convictions and commitment from the top of the organisation to all stakeholders, a public net zero commitment, ESG investment, and establishing a corporate ESG KPI, amongst others.
Zenith’s initiative resulted in three million loss time injury free hours, sector first engagement with First Nations communities; leading market share; material EBITDA and enterprise value growth and delivering decarbonisation milestones ahead of schedule.
The company won in the ESG Programme of the Year - Australia and the Independent Power Producer of the Year - Australia categories. 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.
The Asian Power Awards is presented by Asian Power Magazine. To view the full list of winners, click here. If you want to join the 2024 awards programme and be acclaimed for your company's revolutionary innovations and initiatives in the power industry in Asia, please contact Julie Anne Nuñez at [email protected].