AGLâs $2.7b Tilt deal shows keen renewables appetite
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The $NZ2.96 billion ($2.7 billion) price tag paid by AGL Energyâs renewable energy fund and Mercury NZ to snare Tilt Renewables against competition from multiple rivals is evidence of keen appetite for renewable energy M&A in the growing market, says stockbroker Morgans.
Powering Australian Renewables (PowAR), which is 20 per cent owned by AGL alongside partners QIC and the Future Fund, and Mercury will pay $NZ7.80 per share in cash for Tilt, which owns operating wind farms in Australia and New Zealand as well as a large and varied range of undeveloped projects.
Strong tailwinds blow in Tilt Renewables auction
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Thereâs a ding-dong battle brewing for trans-Tasman windfarm owner and developer Tilt Renewables.
What started with one big shareholder reviewing its 65 per cent stake has turned into a red-hot auction for the entire company, and a process that is keeping plenty of utility and infrastructure types in business in Australia and New Zealand.
The Dundonnell wind farm in western Victoria is one of the assets in Tiltâs portfolio. Â
Auctioneer Lazard ushered shortlisted parties into the auctionâs second stage this week. From what we can tell, the field has a bit of everything â Aussie, Kiwi, strategic, financial â and the potential for a $200 billion gorilla to return for Infratil and Tilt.
IFM, QIC go deeper into low carbon energy
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The Queensland Investment Corporation and IFM Investors have sunk hundreds of millions of dollars into district energy businesses in North America as funds compete harder for assets with low carbon emissions.
“Institutional capital has a deep desire to be ESG [environmental, social and corporate governance] favouring and to have a tilt towards getting to a net zero position,” QIC’s head of infrastructure, Ross Israel, told
The Australian Financial Review.
QIC’s head of infrastructure, Ross Israel.
Attila Csaszar
Both QIC’s and IFM’s infrastructure portfolios have shifted more towards sustainable energy after Canada’s Brookfield Infrastructure, which has owned North American district energy operator Enwave Energy since 2012, split the business up.
Bidders galore: Japan Post s Toll nightmare attracts bargain hunters
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Nothing s been simple for Japan Post at Toll - so it s fitting that its partial exit should also prove extremely complex.
Japan Post is trying to sell Toll s global express unit, which accounts for 41 per cent of Toll Group s revenue or $3.2 billion and includes express parcel delivery, domestic freight-forwarding and its New Zealand business.
Toll s Global Express unit has 151 depots, 39 plans, 3496 trailers, 884 prime movers, 5847 vans and motorbikes, 8151 containers and 2 ships, according to a pitch to potential buyers. Â
First-round bids went to sale advisers JPMorgan and Nomura on December 23 and, after a round of discussions with various bidders, Street Talk understands a second and more detailed diligence phase launched this week.