Gilbert + Tobin advised Trustpower on its demerger into two new listed entities, Trustpower and Tilt Renewables, in a complex transaction that closed today.
An A$800million financing package, assembled by Gilbert + Tobin, enabled New Zealand based Trustpower to split its Australian and New Zealand wind farms from hydro gas and broadband assets into a new Australian-based business. Tilt Renewables will now act as owner, operator and developer of a portfolio of wind farms across Australia and New Zealand.
Banking + Infrastructure partner John Schembri said despite the current political uncertainty surrounding the renewables energy target, the deal signalled a positive outlook for renewable energy growth in Australia.
“The move allows Tilt Renewables to focus on projects to meet Australia's renewable energy needs and reflects the significant interest we are still seeing in the market.”
“We’re really proud to have partnered with the team at Tilt Renewables to put together this outstanding financing package which provides the business with a terrific platform going forward.”
Gilbert + Tobin’s role in the transaction involved advising on all aspects of the debt financing package for Tilt Renewables, together with a detailed asset level due diligence of their existing renewable portfolio, to ensure its financing structure gives the company flexibility for future project developments and growth in the competitive Australian renewable market.
The package also includes the continuation and transfer to Tilt Renewables of core facilities guarantees by EKF Danmarks Eksportkredit (the Danish export credit agency), which sit alongside the bank facility debt package.
The Gilbert + Tobin team was led by John Schembri and Alexander Danne, who were assisted by lawyers Adela Smith, Sachini Mandawala, Rob Scutella and Luca Del Ciotto. Regulatory partner Simon Muys and Energy + Resources lawyer George Salter also provided support to Trustpower and Tilt Renewables.