Mercury, PowAR take full control of Tilt Renewables

Powering Australian Renewables (PowAR) and Mercury NZ Ltd have completed their acquisition of Aussie renewable power producer Tilt Renewables Ltd (ASX:TLT), the latter said on Tuesday.

As previously agreed, renewable energy operator and infrastructure investor PowAR, which is a partnership between AGL Energy, Queensland government-owned investment group QIC and the federal government’s Future Fund, has taken possession of Tilt’s Australian subsidiaries. New Zealand-based power retailer Mercury NZ Ltd, meanwhile, has acquired Tilt’s business in New Zealand.

Following the change of ownership, Tilt’s shares will stop trading on the bourses in Australia and New Zealand on August 4.

The acquisition was completed according to a scheme implementation arrangement (SIA) agreed in March. The final offer for Tilt’s operations valued the business at NZD 3.07 billion (USD 2.15bn/EUR 1.81bn). The New Zealand operations alone were sold at an enterprise valuation of NZD 797 million.

According to its latest financial report, Tilt Renewables has nine wind farms in Australia and New Zealand, representing 500 MW of capacity in operation and 336 MW in final commissioning. Among its projects under development are a 412-MW wind farm at Rye Park and an up to 1,000-MW complex northwest of Sydne, both in New South Wales.

(NZD 1.0 = USD 0.701/EUR 0.590)

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