Tilt said the sale of Snowtown 2 is consistent with their focus on delivering shareholder value from market opportunities. Photo / 123RF
Tilt Renewables will pocket A$455 million ($477.4m) from the sale of its Snowtown 2 wind farm in South Australia.
The renewables energy developer and operator signed an agreement to sell the wind farm to funds managed by Palisade Investment Partners and First State Super at an enterprise value of A$1.07
billion. That consists of A$472m for Tilt's shares and existing finance facility, which is expected to be A$611m when the deal settles.
Tilt has operated the Snowtown wind farm for five years since its construction was completed in 2014 and generated about A$68m of annual earnings before interest, tax, depreciation, amortisation and fair value adjustments for the company over that time.
The company said it expects earnings of between $118m and $122m in the year ending March 30, down from the A$127m-to-A$132m range provided in October.
"The sale of Snowtown 2 is consistent with Tilt Renewables' focus on delivering shareholder value from market opportunities and ensuring capital is available to execute near‐term, high‐value opportunities from its development pipeline," chief executive Deion Campbell said in a statement.
