AGL sold off the majority of its stake in Tilt Renewables
AGL Energy Limited received advice from Herbert Smith Freehills Kramer (HSF Kramer) and Allens as it sold off 19.9% of its 20% interest in Tilt Renewables from $750m.
Current shareholders picked up the stake along with entities led by the Queensland Investment Corporation and the Future Fund. AGL and Tilt have partnered to expand Tilt’s asset portfolio and progress AGL’s decarbonisation strategy.
The partnership is facilitating offtake opportunities for a share of Tilt’s existing assets and its development pipeline, according to HSF Kramer. At present, AGL receives 1.6 GW of renewable generation capacity from Tilt through long term power purchase agreements; AGL also committed to receiving 45% of the generation from Tilt’s Palmer Wind Farm and the full generation from its Waddi Wind Farm, both for 15-year terms.
“This divestment – the latest in a succession of large-scale M&A transactions in the renewables sector – enables AGL to realise value from its investment in Tilt, freeing up capital to deliver its strategy and progress the growth of its portfolio of firming and renewable energy projects”, Allens co-lead partner Jeremy Low said.
Partner Nicole Pedler headed up the HSF Kramer team, supported by senior associate Marijana Banovac and solicitor Arda Reznikas, while partner Peter Davis guided AGL through its strategic partnership with Tilt.
Low led the Allens team alongside partner Kate Axup. They were joined by the following:
Projects: Danielle Jones (partner), Anna McDonald (senior overseas practitioner), Madeleine George (senior associate)
Corporate: Andrea Moffatt (counsel), Harry Beardall (managing associate), Annie Shum (senior associate)
Real estate and development: Michael Graves (partner), Emily Johnstone (partner), Naomi Bergman (partner), Bill McCreadie (partner), Rosanne Meurling (counsel), Katherine McLellan (senior associate), Ilaria Corbett (senior associate), Patrick Shumack (senior associate), Ella Hooper (senior associate), Elysia Liekefett (senior associate), Alexandra Tie (senior associate), Tina Tran (senior associate), Nathaniel Jende (senior associate)
Banking and finance: Lisa Zhou (partner), Sarah Denton (managing associate), Jake Jackson (senior associate)
Employment: Chloe Wilton (partner), Simon Dewberry (partner), Tegan Ayling (senior associate)
IP: Joel Barrett (partner), Max Jones (senior associate)
TMT: Jessica Mottau (partner), William Coote (managing associate)
