Dundonnell Wind Farm Replacement Underwriting Agreement

Dundonnell Wind Farm Replacement Underwriting Agreement 

On 14 February 2018, Tilt Renewables Limited (“Tilt Renewables”) announced that it submitted a bid into the Victorian Renewable Energy Auction Scheme (“VREAS”) for a portion of output from the fully permitted Dundonnell Wind Farm (“Dundonnell”).

As part of the funding arrangements, Tilt Renewables advised that it had obtained equity funding support from its majority shareholder Infratil Limited (“Infratil”). This equity funding support comprised a conditional agreement by Infratil to offer to underwrite 100% of an equity raising of A$300 million for Dundonnell (subject to agreement on equity pricing) should Dundonnell be successful in securing a contract through the VREAS process.

Tilt Renewables wishes to advise that, as permitted by the agreement with Infratil, it has entered into a volume underwriting agreement with Citigroup Global Markets Limited and Forsyth Barr Group Limited in relation to the A$300 million equity raising. This volume underwriting agreement replaces the equity support arrangement with Infratil. Infratil has provided a conditional commitment to subscribe for its full pro-rata entitlement in the equity raising. There are no underwriting or commitment fees payable on the Infratil portion of the equity raising.

Further details of the timing and terms of any equity raising (including any associated shareholder approval process, if required) will be provided when the outcome of the VREAS process is known.

For further information please contact:

Steve Symons
Chief Financial Officer
Phone: +61 419 893 746

Share: