QIC’s renewables fund pushed towards a higher bid for Tilt
The QIC-led PowAR has lifted its bid for Tilt Renewables to $NZ8.10 a share ($A7.48).
The increased bid values Tilt at $NZ3.070 billion ($A2.77 billion).
PowAR has entered the deal with Mercury NZ with the goal being that PowAR would take ownership of Tilt’s Australian assets and the NZ assets would go to Mercury.
PowAR is a renewable energy investment vehicle that consists of the Queensland Government’s QIC, the Federal Government’s Future Fund and AGL.
The increased offer was forced on PowAR by a Canadian fund CPDQ entered the contest last week with a $NZ8 a share offer.
Infratil is Tilt’s largest shareholder and said it would earn $NZ2 billion from the sale.
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If the deal is successful QIC said it would cement PowAR’s position as the largest owner and operator of wind and solar generation in Australia.
