Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Tilt in trading halt pending Dundonnell support announcement

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

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

9.3 Percent: Gender Pay Gap Unchanged Since 2017

“While it has remained flat since 2017, the gender pay gap has been trending down since the series began in 1998, when it was 16.2 percent,” labour market statistics manager Scott Ussher said. More>>

ALSO:

Ex-KPEX: Stuff Pulls Pin On Media Companies' Joint Ad-Buying Business

A four-way automated advertising collaboration between the country's largest media companies is being wound up after one of the four - Australian-owned Stuff - pulled the pin on its involvement as part of a strategic review of its operations ... More>>

Bus-iness: Transdev To Acquire More Auckland And Wellington Operations

Transdev Australasia today announced that it has agreed terms to acquire two bus operations in Auckland and Wellington, reaching agreement with Souter Investments to purchase Howick and Eastern Buses and Mana Coach Services. More>>

ALSO:

Māui And Hector’s Dolphins: WWF/Industry Counter Offer On Threat Management Plan

Forest & Bird says WWF-NZ's plan for protecting Māui dolphins is based on testing unproven methods on a species that is almost extinct, and is urging the Government to reject the proposal. More>>

ALSO: