Tilt Renewables is mulling a higher takeover offer, throwing into doubt the $NZ2.96 billion ($2.7 billion) deal struck last month with AGL Energy’s renewable energy fund and Mercury NZ.

The better offer is likely to be from underbidders Canadian pension fund giant Caisse de dépôt et placement du Québec (CDPQ), ASX-listed APA Group or Australian fund manager Infrastructure Capital Group with its partner Engie.