Allens has co-advised AGL Energy on the sale of 19.9% of its 20% equity in Tilt Renewables to existing shareholders and other entities led by the Queensland Investment Corporation and the Future Fund for $750 million.
'We are so pleased to have supported AGL throughout the life cycle of its investment in Tilt Renewables, starting with the establishment of the Powering Australian Renewables Fund (now Tilt Renewables) in 2016. We look forward to continuing to work with Tilt Renewables under its new ownership,' said joint lead partner Kate Axup.
'This divestment – the latest in a succession of large-scale M&A transactions in the renewables sector – enables AGL to realise value from its investment in Tilt, freeing up capital to deliver its strategy and progress the growth of its portfolio of firming and renewable energy projects,' said joint lead partner Jeremy Low.
The transaction adds to Allens’ track record in the renewables and energy transition space, following recent work advising Neoen on the divestment of its Victorian portfolio and the shareholders of Zenith Energy on the proposed sale to KKR and Akaysha Energy on the $460 million construction financing of the Elaine battery energy storage system.
A cross-practice team from Allens collaborated across multiple workstreams to advise on all aspects of the transaction, drawing upon expertise in projects, M&A, financing, employment, IP, property and technology.
Allens legal team
Lead partners
Kate Axup (Projects) and Jeremy Low (Corporate)
Projects
Danielle Jones (Partner), Anna McDonald (Senior Overseas Practitioner), Madeleine George (Senior Associate)
Corporate
Andrea Moffatt (Counsel), Harry Beardall (Managing Associate), Annie Shum (Senior Associate)
Real Estate & Development
Michael Graves (Partner), Emily Johnstone (Partner), Naomi Bergman (Partner), Bill McCreadie (Partner), Rosanne Meurling (Counsel), Katherine McLellan (Senior Associate), Ilaria Corbett (Senior Associate), Patrick Shumack (Senior Associate), Ella Hooper (Senior Associate), Elysia Liekefett (Senior Associate), Alexandra Tie (Senior Associate), Tina Tran (Senior Associate), Nathaniel Jende (Senior Associate)
Banking & Finance
Lisa Zhou (Partner), Sarah Denton (Managing Associate), Jake Jackson (Senior Associate)
Employment
Chloe Wilton (Partner), Simon Dewberry (Partner), Tegan Ayling (Senior Associate)
Intellectual Property
Joel Barrett (Partner), Max Jones (Senior Associate)
TMT
Jessica Mottau (Partner), William Coote (Managing Associate)