Tilt Renewables: Dundonnell Replacement Underwrite
Attached is the market release from Tilt Renewables in relation to a volume underwriting arrangement agreement with Citigroup Global Markets Limited and Forsyth Barr Group Limited for an A$300 million equity raising for the fully permitted Dundonnell Wind Farm (Dundonnell).
Dundonnell is a major development project in Tilt Renewables' portfolio, and one which Infratil supports. Infratil is a 51% shareholder in Tilt Renewables and, as noted in Tilt Renewables' market release, Infratil has provided a conditional commitment to subscribe for its full pro-rata entitlement in that equity raising.
This volume underwriting agreement replaces the equity funding support provided by Infratil to Tilt Renewables as part of Tilt Renewables' funding arrangements for its bid into the Victorian Renewable Energy Auction Scheme (VREAS) for a portion of output from Dundonnell (announced by Tilt Renewables and Infratil on 14 February 2018).
Tilt Renewables has also stated in its market release that it will provide further details of the timing and terms of any equity raising (including any associated Tilt Renewables' shareholder approval process, if required) when the outcome of the VREAS process is known.
Any enquiries should be directed to:
Mark Flesher, Investor Relations, Infratil Limited (firstname.lastname@example.org