Tilt Renewables has entered into an agreement to sell the 270MW Snowtown 2 wind farm to an entity wholly‐owned by funds managed by Palisade Investment Partners and First State Super, for an enterprise value of A$1,073 million. Snowtown 2 was developed by Tilt Renewables and has operated for 5 years since construction completion and full commissioning was achieved in 2014.
The transaction will occur through the sale of shares in Snowtown 2 Wind Farm Holdings (S2WFH) for A$472 million. S2WFH is being sold with Snowtown 2’s existing project finance facility, which has an expected balance of approximately A$611 million at transaction closing. The purchase price is subject to customary closing adjustments. The transaction is expected to close before the end of 2019. Net proceeds from the transaction will be approximately A$455 million after transaction related costs.
