Herbert Smith Freehills Kramer Advised AGL on the Sale of its Stake in Tilt Renewables for A$750 million

Herbert Smith Freehills Kramer Advised AGL on the Sale of its Stake in Tilt Renewables for A$750 million

HSF Kramer has advised AGL Energy Limited (AGL) on the divestment of 19.9% of its 20% stake in Tilt Renewables (Tilt) to existing shareholders and other entities led by the Queensland Investment Corporation and the Future Fund for A$750 million.

AGL and Tilt have formed a strategic partnership that will further both Tilt’s expanding asset portfolio and AGL’s decarbonisation strategy, with the partnership facilitating offtake opportunities for a share of Tilt’s existing assets and its development pipeline.

Tilt currently provides 1.6 GW of renewable generation capacity to AGL under long-term power purchase agreements. The partnership has been bolstered with AGL committing to take 45% of the generation from Tilt’s Palmer Wind Farm for a 15-year term and 100% of the generation from its Waddi Wind Farm for a 15-year term.

AGL stated that the transaction demonstrates its commitment to realising value in its portfolio and working to reach its 6GW target of new firming and renewable projects by FY30.

Nicole Pedler said, “It has been a pleasure to work with AGL on this strategic transaction, which will help both AGL and Tilt continue their important work to develop renewable energy projects across Australia.”

The HSF Kramer team advising on the transaction was led by Nicole Pedler (Partner), with support from Marijana Banovac (Senior Associate) and Arda Reznikas (Solicitor). Partner Peter Davis advised AGL on its strategic partnership with Tilt.

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