Image: Tilt Renewables, Silverton Wind FarmTilt Renewables (Tilt) was established in 2016 by QIC and the Future Fund in partnership with AGL Energy to develop large-scale renewable energy projects across the National Electricity Market.
Since inception, Tilt has deployed over A$2bn1 of equity capital, growing from two seed solar assets (155MW) with a single offtake in AGL into one of Australia’s largest portfolios of operating renewable assets, supported by a diversified portfolio of high-quality counterparty offtakes.
Today, Tilt is a leading Australian renewable energy platform with 2.3GW of operating and in-construction capacity across 14 assets and a deep, highly progressed development pipeline1. In May 2026, QIC increased its managed ownership to 99.9% through the acquisition of a further 19.9% interest from AGL.
Following a decade of portfolio expansion and maturation, Tilt executed a significant financing to support the continued growth of its development portfolio, including the delivery of the Waddi and Palmer wind projects. Both reached Final Investment Decision (FID) in late 2025, out of a total of only four wind projects to reach FID in Australia for the year. This marked the next phase of development after the Coopers Gap and Rye Park windfarms.
Challenging market conditions
The refinancing was executed against a volatile macroeconomic backdrop and geopolitical uncertainty. Despite these headwinds, the transaction achieved strong oversubscription, reflecting the strength of Tilt’s portfolio, management team, credit profile and financing structure.
Significant refinancing and upsize
Tilt completed the A$2.25 billion (~US$1.5bn) portfolio financing and upsize, involving a broad syndicate of domestic and international lenders.
The financing package included a A$1.4 billion revolving credit facility, providing funding certainty for the construction of Waddi and Palmer, alongside an A$850 million Asian term loan (ATL) issuance, both which were heavily oversubscribed, and further diversified Tilt’s funding base. Tilt’s platform is now supported by 35+ lending institutions.
Importantly, the financing was structured at the corporate level. Given the portfolio diversification and strong credit profile of the business, the financing was able to be delivered with limited asset-level controls and flexibility to continue the delivery of Tilt’s development pipeline alongside the existing operational and in-development assets.
As a result, Tilt is now one of the largest renewable energy debt issuers in Australia, setting a benchmark for portfolio-style green financing and reinforcing Australia’s position as a key destination for sustainable investment.
Enabling growth and investment momentum
The refinancing provided a strong foundation for FID on Tilt’s Waddi Wind Farm (108MW, Western Australia) and Palmer Wind Farm (288MW, South Australia), both achieved in late 2025.
The projects are underpinned by long-term offtake arrangements, including a 15-year PPA covering 100% of Waddi’s output and a 15-year agreement securing approximately 45% of Palmer’s generation, alongside support for both projects from the Commonwealth’s Capacity Investment Scheme.
Together, these projects represent 396MW of new wind capacity, reinforcing the significant role Tilt is playing in Australia’s energy transition and its position as a leading utility-scale developer.
QIC's value add
Throughout the refinancing and upsizing process, QIC worked closely with the Tilt management team, its advisers and other shareholders to deliver strategic and financial value, including:
- optimising debt capacity based on offtake strategy, construction profile and capital structure objectives
- enhancing and diversifying the funding mix, enabling access to both domestic banks and Asian institutional lenders
- implementing robust risk management and sensitivity analysis to validate resilience of capital structure and support fully debt funding development capex
- delivering the financing on an accelerated timeline to support FID for Waddi and Palmer.
This active, asset-level involvement reflects QIC’s approach to infrastructure ownership, combining long-term capital with deep financing, commercial and operational expertise.
Demonstration of market confidence
The strong support received from banking partners demonstrates the confidence in Tilt’s operating portfolio, development pipeline and QIC’s stewardship as a long-term owner.
The transaction strengthens Tilt’s capital structure, enhances financial flexibility, extends funding tenor and further diversifies sources of capital.
This case demonstrates QIC’s approach to active infrastructure ownership including proactive balance sheet management, disciplined refinancing execution and effective access to global capital markets to support long-duration infrastructure assets.
Citations
- Source: QIC
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