QIC, on behalf of its managed funds and clients, has agreed to acquire 19.9 per cent of AGL Energy Limited’s (AGL) minority stake in Tilt Renewables, moving to 99.9 per cent ownership of Australia’s largest operating wind platform.
QIC, on behalf of its managed funds and clients, has agreed to acquire 19.9 per cent of AGL Energy Limited’s (AGL) minority stake in Tilt Renewables, moving to 99.9 per cent ownership of Australia’s largest operating wind platform.
The transaction marks a significant milestone for Tilt Renewables, consolidating its long-term Australian shareholder base including the Future Fund to support the next phase of the company’s growth.
Tilt now owns and operates a 1.9GW diversified platform across 12 assets and has a high-quality development pipeline exceeding 1.6GW scheduled to progress to Final Investment Decisions in the next 12 months.
QIC Head of Global Infrastructure Ross Israel said the proposed acquisition further strengthened QIC’s position as a market leader in Australia’s energy transition.
Structural shifts in Australia’s renewable energy build out continue to present compelling and differentiated opportunities to deploy capital at scale,
Ross Israel - QIC Head of Global Infrastructure
“With wind anticipated to account for approximately 70 per cent of new utility-scale generation through to 2030, Tilt is one of the few platforms that can deliver at the pace and scale the market is demanding.
“By extending ownership, QIC and the Future Fund will have the ability to capitalise on Tilt’s growth potential, supported by strong policy momentum and a clear runway of development optionality.
“When it comes to portfolios of scale, operational expertise and development pipelines, Tilt Renewables is differentiated in Australia.”
QIC Global Infrastructure Partner Patrick Mulholland said Tilt Renewables’ evolution underscored the value of QIC’s conviction in the platform since 2016.
From two seed assets and a single customer to Australia’s largest portfolio of operating wind assets, the partnership between QIC, Future Fund and AGL established a market leading platform under a shared commitment to drive large-scale renewable energy projects,
Patrick Mulholland - QIC Global Infrastructure Partner
“This transaction was negotiated in the spirit of a new era for Tilt and AGL, and we are excited to continue working together as important strategic partners.
“We are energised by the growth unlocked through this acquisition, which will drive a range of industry partnerships and new investment opportunities, including in energy storage, across Queensland and Australia.”
Tilt Renewables CEO Anthony Fowler said the commitment of long-term local investors provided a strong foundation to execute a pipeline of development initiatives.
“As Australia accelerates towards a cleaner energy future, Tilt Renewables is leading from the front with two projects expected to reach Final Investment Decision in 2025, potentially the first large-scale wind projects to reach this milestone in Australia this year,” Mr Fowler said.
“It follows completion of New South Wales’ largest operating wind farm, Rye Park, in 2024 and our first BESS project in the Latrobe Valley coming online earlier this year, demonstrating Tilt’s proven track record of delivering new generation and storage on time and on budget.”
Completion of the transaction is subject to satisfaction of conventional conditions precedent.
AGL has previously announced Power Purchase Agreements (PPAs) with Tilt Renewables to offtake electricity generation from the Palmer Wind Farm in South Australia and Waddi Wind Farm in Western Australia, both currently under development.
Image source: Tilt Renewables Coopers Gap Wind Farm, Queensland, Australia
