Powering Australian Renewables’ NZ$3.07 Billion Acquisition Of Tilt Renewables Ltd

Herbert Smith Freehills has advised the financiers to Powering Australian Renewables in relation to its acquisition of Tilt Renewables Ltd (ASX: TLT) in partnership with Mercury NZ Limited.

The NZ$3.07 billion acquisition of Tilt completed as a scheme of arrangement on 3 August 2021 and comprised senior debt financing of A$1.2 billion.
As part of the transaction, PowAR – a partnership between QIC, the Future Fund and AGL Energy Ltd – acquired Tilt’s Australian business, with Mercury NZ acquiring Tilt’s New Zealand business.

Tilt’s Australian business includes the 336MW Dundonnell Wind Farm, 101MW Snowtown 1 Wind Farm and 54MW Salt Creek Wind Farm, as well as numerous other assets in development including the Rye Park Wind Farm, which is expected to have a maximum capacity of 396MW upon completion. The acquisition of Tilt reinforces PowAR’s position as the largest owner and operator of wind and solar generation in Australia.

The lead Mandated Lead Arranger, Underwriter and Bookrunner banks were the Commonwealth Bank of Australia, MUFG Bank, National Australia Bank, Societe Generale and Sumitomo Mitsui Banking Corporation.

Tilt Renewables Pty Ltd is an Australian electricity generation company, dual listed on the New Zealand stock exchange and Australian stock exchange.

Powering Australian Renewables Fund is an Australian infrastructure investment fund closely associated with but independent from AGL Energy. 

The Herbert Smith Freehills team acting for the financiers was led by partner Gerard Pike (Picture) with support from partner Alison Dodd, senior associate Nadine Kilpatrick and solicitors Beryl Yan and Sean Carr.

Involved fees earner: Alison Dodd – Herbert Smith Freehills; Nadine Kilpatrick – Herbert Smith Freehills; Gerard Pike – Herbert Smith Freehills; Beryl Yan – Herbert Smith Freehills;

Law Firms: Herbert Smith Freehills;

Clients: Commonwealth Bank of Australia; MUFG Bank, Ltd.; National Australia Bank; Société Générale; Sumitomo Mitsui Banking Corporation;

Sonia Carcano

Author: Sonia Carcano