QIC has agreed to acquire 19.9% of AGL Energy’s minority stake in Tilt Renewables, a renewable energy platform, on behalf of its managed funds and clients.
The transaction consolidates Tilt Renewables’ long-term Australian shareholder base, including the Future Fund, and supports the company’s next stage of growth.
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The move will increase QIC’s ownership to 99.9% of Australia’s largest operating wind platform.
QIC global infrastructure head Ross Israel said: “With wind anticipated to account for approximately 70% of new utility-scale generation through to 2030, Tilt is one of the few platforms that can deliver at the pace and scale the market is demanding.
“By extending ownership, QIC and the Future Fund will have the ability to capitalise on Tilt’s growth potential, supported by strong policy momentum and a clear runway of development optionality.
“When it comes to portfolios of scale, operational expertise and development pipelines, Tilt Renewables is differentiated in Australia.”
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By GlobalDataTilt Renewables now owns and operates a 1.9GW diversified platform across 12 assets and maintains a development pipeline of more than 1.6GW.
These projects are scheduled to reach final investment decisions within the next 12 months.
Tilt Renewables CEO Anthony Fowler said: “As Australia accelerates towards a cleaner energy future, Tilt Renewables is leading from the front with two projects expected to reach final investment decision in 2025, potentially the first large-scale wind projects to reach this milestone in Australia this year.
“It follows completion of New South Wales’ largest operating wind farm, Rye Park, in 2024 and our first BESS [battery energy storage project] project in the Latrobe Valley coming online earlier this year, demonstrating Tilt’s proven track record of delivering new generation and storage on time and on budget.”
Completion of the transaction is contingent upon the fulfilment of conventional conditions precedent.
AGL has previously announced power purchase agreements with Tilt Renewables to offtake electricity generation from the Palmer wind farm in South Australia and the Waddi wind farm in Western Australia, both of which are currently under development.
This May, Tilt Renewables inaugurated the Rye Park wind farm, signifying a significant advancement in the region’s renewable energy capabilities.
