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Takeover target Tilt s earnings drop as wind levels fall
12 May, 2021 10:06 PM
3 minutes to read
Tilt Renewables has reported a fall in earnings in its last year as listed company. Photo / Supplied
Tilt Renewables has reported a fall in earnings in its last year as listed company. Photo / Supplied
Takeover target Tilt Renewables annual operating profit fell by 36 per cent in what the company said was a transitional year.
The wind farm specialist sold its 270 megawatt Snowtown 2 Wind Farm, near Adelaide, in the previous year and ramped up operations at Dundonnell, in Western Victoria, and Waipipi in Taranaki in the latest year to March.
29 April 2021
Over the years I’ve seen lots of demergers by listed companies and most have been more or less successful at creating value. AGL’s effort so far is a case study in how to stuff it up.
Seemingly no agreement between Board and management.
Premature announcement with close to zero useful information for investors and their army of advisors.
No commitment to separate listing, which is the most fundamental rationale for doing it.
Captain and the ship part company mid journey.
At this rate AGL will almost single handedly give demergers a bad name. Having said that we’d be the first to accept Brett Redman’s comment: It’s hard. Still that’s all the more reason for working out the details first.
15 March 2021
Australian-New Zealand renewables developer Tilt Renewables is to be taken private after agreeing to joint $2.75 billion by the AGL Energy backed Powering Australian Renewables fund and New Zealand utility Mercury NZ.
Through the deal, the Tilt Renewables business will effectively be split up, with the Australian and New Zealand parts of the business, which are listed across the respective Australian and New Zealand stock exchanges, being acquired by different members of the takeover consortium
The takeover offer for Tilt’s Australian business has been launched by Powering Australian Renewables, a partnership between energy giant AGL Energy (20 per cent), Queensland government-owned investment group QIC (40 per cent) and the federal government’s Future Fund (40 per cent).