Tilt Renewables has announced it has sold the Snowtown 2 wind farm for an enterprise value of $1,073 million.
The wind farm has been sold, as a result of the strategic review that was announced in June 2019, to an entity wholly‐owned by funds managed by Palisade Investment Partners Limited (‘Palisade’) and First State Super.
Tilt Renewables has received approximately $455 million, after transaction related costs, as a result of the completion.
Tilt Renewables Chief Executive, Deion Campbell, said, “The sale of Snowtown 2 is an important milestone for Tilt Renewables and highlights the value that can be produced from a high quality, well managed renewable energy development pipeline.”
Tilt Renewables will continue to assist in the operation of Snowtown 2 for a period of six months, under an Asset Management and Transitional Services Agreement.
No employees of Tilt Renewables are directly employed by the Snowtown 2 entities and as such, no Tilt Renewables personnel will be transferred in conjunction with the sale. Following completion of the transaction, Tilt Renewables will continue to own and operate the nearby Snowtown 1 wind farm.