INDEPENDENT NEWS

Tilt in trading halt pending Dundonnell support announcement

Published: Tue 11 Sep 2018 12:33 PM
By Paul McBeth
Sept. 11 (BusinessDesk) - Tilt Renewables is in a trading halt pending an announcement on support arrangements for its planned A$600 million, 80-turbine wind farm in Victoria.
The renewable energy company carved out of Trustpower sought the halt late yesterday due to "upcoming developments" in respect of the previously disclosed potential 15-year support agreement for a portion of the electricity to be produced by the firm's proposed Dundonnell wind farm, it said in a statement.
The halt will remain in place until the announcement or when the market opens on Wednesday. The shares last traded at $2.31.
Tilt applied for a portion of the Victorian Renewable Energy Auction Scheme (VREAS) which sought suppliers for 650 megawatts of new capacity. It hopes to secure a 15-year contract and if successful will start building the 336 MW farm later this year.
The company has a fully committed debt package from National Australia Bank and the Bank of Tokyo-Mitsubishi UFJ to cover half the construction cost and expects to raise the other A$300 million through new equity.
Infratil and Mercury NZ had previously committed to meet their 77 per cent share of any equity raising. They are now seeking to take over Tilt, pooling their stakes into a new entity and offering $208.5 million, or $2.30 a share, to minority shareholders. Tilt's independent directors last week recommended investors reject the bid as being too low and not recognising the firm's pipeline of future projects. Infratil insists it's a fair and reasonable deal.
(BusinessDesk)
ends
BusinessDesk
Independent, Trustworthy New Zealand Business News
The Wellington-based BusinessDesk team provides a daily news feed for a serious business audience.
Contact BusinessDesk
Email:

Next in Business, Science, and Tech

Power panel favours scrapping low-fixed charges
By: BusinessDesk
PEPANZ gas report nothing but "fake news and flatulence"
By: Greenpeace New Zealand
Biosecurity New Zealand – Situation Update 2
By: Biosecurity NZ
Making sure multinationals pay their fair share
By: New Zealand Government
Second paper for the Electricity Price Review published
By: Ministry of Business Innovation and Employment
Power price spike put margin squeeze on NZ producers in Dec
By: BusinessDesk
CORRECT: Meridian posts record 1H operating earnings
By: BusinessDesk
Response to the Electricity Price Review options paper
By: Electricity Networks Association
ERANZ to work with government and industry on EPR paper
By: ERANZ
Meridian welcomes Electricity Price Review Panels PPD stance
By: Meridian Energy
FinCap welcomes Electricity Price Review Options paper
By: FinCap
Electricity in the spotlight
By: Statistics New Zealand
Exploration ban may cut GDP by $38 billion - NZIER
By: BusinessDesk
NZIER report shows $28b blow to economy from oil and gas ban
By: PEPANZ
View as: DESKTOP | MOBILEWe're in BETA! Send Feedback © Scoop Media