M&A: Bidders begin to line up for EDL Energy sale

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Igneo, Keppel in mix for business
Teasers circulated in recent weeks
North American assets mostly landfill gas

CKI Group’s sale of its EDL Energy standalone power business is getting underway, with teasers circulated in recent weeks, sources said.

Australian fund manager, Igneo Infrastructure Partners, and the infrastructure arm of Singapore’s Keppel are among those considering bidding, they added.

Fund managers Stonepeak and EQT were also named by local media as potential bidders.

Morgan Stanley is advising on the sale.

EDL has around an 836 MW/6.9 petajoule contracted energy platform across 54 sites in Australia, the United States and Canada, according to teaser details seen by NPM.

The projects include power plants supplying remote mines, including gas and renewables generators, generators using waste coal gas, landfill gas and renewable gas.

Its annual revenue is expected to be around AUD 690m (USD 486m) and EBITDA around AUD 270m this year, the marketing document says.

For the year ended December 31, 2025, its sales revenue was AUD 746m and EBITDA around AUD 380m, according to EDL’s financial statements lodged with corporate regulator the Australian Securities and Investments Commission.

Close to 700 MW of EDL’s assets are in Australia, including 12 coal mine waste gas-fired power plants, 10 classified as remote energy, eight landfill gas generators and six renewables and hybrid projects, its website shows.

In North America it has 143 MW of generation in the US, mostly landfill gas, and one 11 MW landfill gas power station in Canada.

The company also has 68 MW of landfill gas and anaerobic digestion generation assets in the UK and Greece.

EDL was previously part of ASX-listed gas pipeline business, Duet Group. Chinese conglomerate, CK Group, acquired and delisted Duet in 2017.

Prior to Duet, EDL was majority owned by Pacific Equity Partners (PEP) between 2009 and 2015.

EDL is similar to the Zenith Energy standalone power business, a majority of which was sold by PEP, Foresight Group and OPTrust to KKR in March for about AUD 1.7bn.

Zenith had around the same forecast EBITDA as EDL, however, the latter has much more gas-powered projects and Zenith is only based in Australia.

Spokespeople and officials at CK Group, Igneo, Keppel, Stonepeak, EQT and Morgan Stanley either declined to comment or didn’t respond to requests.