5 Dec 2019
As a result of the strategic review announced in June 2019, Tilt Renewables has entered into an agreement to sell the 270 MW Snowtown 2 wind farm to an entity wholly-owned by funds managed by Palisade Investment Partners Limited (‘Palisade’) and First State Super, for an enterprise value of A$1,073 million.
Snowtown 2 was developed by Tilt Renewables and has operated successfully for 5 years since construction completion and full commissioning was achieved in 2014.
Deion Campbell, Chief Executive of Tilt Renewables said “the sale of Snowtown 2 is consistent with Tilt Renewables’ focus on delivering shareholder value from market opportunities and ensuring capital is available to execute near-term, high-value opportunities from its development pipeline. It is pleasing to see the market acknowledge the quality of this asset, which is representative of the quality of the rest our operational and development portfolio and the value our highly experienced team can create for shareholders over time.
We are confident that Palisade has the experience and credentials to continue to successfully operate Snowtown 2 and maintain the strong relationships established with key project stakeholders. In particular the local Snowtown community and project landowners, with whom we will continue to maintain a connection via our Snowtown 1 asset.”
Tilt Renewables NZX announcement
For further information please contact:
Steve Symons – Chief Financial Officer
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