Allens has co-advised AGL Energy on the sale of 19.9% of its 20% equity in Tilt Renewables to existing shareholders and other entities led by the Queensland Investment Corporation and the Future Fund for $750 million.
'We are so pleased to have supported AGL throughout the life cycle of its investment in Tilt Renewables, starting with the establishment of the Powering Australian Renewables Fund (now Tilt Renewables) in 2016. We look forward to continuing to work with Tilt Renewables under its new ownership,' said joint lead partner Kate Axup.
'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,' said joint lead partner Jeremy Low.
The transaction adds to Allens' track record in the renewables and energy transition space, following recent work advising Neoen on the divestment of its Victorian portfolio and the shareholders of Zenith Energy on the proposed sale to KKR and Akaysha Energy on the $460 million construction financing of the Elaine battery energy storage system.
A cross-practice team from Allens collaborated across multiple workstreams to advise on all aspects of the transaction, drawing upon expertise in projects, M&A, financing, employment, IP, property and technology.
