Tilt Renewables up for sale, bidders line up to buy wind farm developer
Some of Victoria’s wind farms might have a new owner soon. See which company is on the market.
TILT Renewables Limited, owner of the Dundonnell wind farm and other wind energy assets in South Australia, has announced a number of buyers have expressed an interest in acquiring the company outright.
It follows a strategic review in December by its 65 per cent shareholder, Infratil Limited, which led to the majority stakeholder to put its share on the market.
The Infratil review led AustralianSuper to express an interest in buying 100 per cent of Tilt Renewables last December.
But Infratil rejected selling its stake in Tilt Renewables to AustralianSuper because, in part, it materially undervalued the renewable energy assets.
Tilt Renewables said today it had reviewed a number of proposals by interested buyers and had decided to give those parties access to material to enable them to make binding bids.
“There is no certainty that Tilt Renewables will receive binding proposals or that any proposals received will be recommended to shareholders by the board,” the company said in a statement to the Australian Securities Exchange today.
Infratil welcomed the interest in buying 100 per cent of Tilt Renewables.
Infratil chief executive officer Marko Bogoievski said his company had received strong interest in Tilt since it ran its review process for its 65 per cent stake.
“This is the logical next step in what is a competitive process, reflecting the strong demand globally for high quality renewable platforms like Tilt,” Mr Bogoievski said.
Infratil indicated last December it wanted to sell its stake in Tilt within six months.
Tilt Renewables built 80 wind turbines at Dundonnell capable of producing 336 megawatts of power but has yet to reach full generating capacity due to the Australian Energy Market Operator progressively testing to ensure the grid could take extra power.
Tilt also operate wind farms at nearby Salt Creek, Snowtown in South Australia and has two smaller generating plants at Blayney and Crookwell in NSW.
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