AGL mulls sale of Tilt Renewables

AGL Energy has confirmed it is considering selling its 20% stake in the wind and solar energy generator.

Yesterday, AGL was forced to comment following reporting by the Australian Financial Review that it was selling its interest in Tilt Renewables. However, the speculation first began in March when ION Analytics reported on the matter.

In an ASX statement, AGL said: "As part of a routine review of its assets and investments, AGL confirms that it is conducting preliminary investigations about its interest in Tilt Renewables."

It said that, at this stage, it is not involved in any discussions with potential buyers and said it would update the market accordingly.

Purchased in 2021, AGL owns a 20% stake in Tilt Renewables, with the other shareholders being Future Fund, and QIC as part of a consortium also comprising Aware Super, Hostplus, TelstraSuper, MLC, and Brighter Super.

Following a Power Purchase Agreement in 2023, AGL was to begin sourcing electricity from Tilt Renewables' Rye Park Wind Farm in Yass, New South Wales in April 2025. The wind farm was expected to be completed in mid-2024, however it only officially opened last month.

At the time of the agreement, it was expected this would power about 90,000 homes with renewable energy for the next 15 years.