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Herbert Smith Freehills advises Powering Australian Renewables’ financiers on the NZ$3.07 billion acquisition of Tilt Renewables

10 August 2021 | Australia, Asia Pacific
Deals and cases

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Herbert Smith Freehills has advised the financiers to Powering Australian Renewables (PowAR) in relation to its acquisition of Tilt Renewables Ltd (ASX: TLT) in partnership with Mercury NZ Limited. The NZ$3.07 billion acquisition of Tilt completed as a scheme of arrangement on 3 August 2021 and comprised senior debt financing of A$1.2 billion.

As part of the transaction, PowAR – a partnership between QIC, the Future Fund and AGL Energy Ltd – acquired Tilt’s Australian business, with Mercury NZ acquiring Tilt’s New Zealand business.

Tilt’s Australian business includes the 336MW Dundonnell Wind Farm, 101MW Snowtown 1 Wind Farm and 54MW Salt Creek Wind Farm, as well as numerous other assets in development including the Rye Park Wind Farm, which is expected to have a maximum capacity of 396MW upon completion. The acquisition of Tilt reinforces PowAR’s position as the largest owner and operator of wind and solar generation in Australia.

The Herbert Smith Freehills team acting for the financiers was led by partner Gerard Pike with support from partner Alison Dodd, senior associate Nadine Kilpatrick and solicitors Beryl Yan and Sean Carr.

Herbert Smith Freehills partner Gerard Pike said, “We are really pleased to have advised the financiers to PowAR on such a landmark acquisition in the renewables sector.

“The amount of work invested by PowAR and the lead Mandated Lead Arranger, Underwriter and Bookrunner banks – Commonwealth Bank of Australia, MUFG Bank, National Australia Bank, Societe Generale and Sumitomo Mitsui Banking Corporation – to complete this acquisition and financing has been incredible. This new financing package will be a great platform for the ongoing success of PowAR  in the next chapter of its evolution with Tilt.”

This deal is another example of Herbert Smith Freehills’ market-leading work advising on the financing of major renewables projects, including recently advising in relation to the New England Solar Farm, Metz Solar Farm, Columboola Solar Farm, Molong Solar Farm, Moorabool North Wind Farm, Winton Solar Farm, Snowtown 2 Wind Farm and the Suntop and Gunnedah Solar Farms.

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