Login
Powered by
MOMENTUM
MEDIA
Powered by MOMENTUM MEDIA
A national firm has advised Trustpower on its demerger into two listed entities, Trustpower and Tilt Renewables.
Firm: Gilbert + Tobin (Trustpower)
Value: $800 million
Area: M&A
Key players: The Gilbert + Tobin team was led by partners John Schembri (pictured) and Alexander Danne, with assistance from lawyers Adela Smith, Sachini Mandawala, Rob Scutella and Luca Del Ciotto.
Deal significance: New Zealand-based Trustpower completed its demerger into two listed entities, Trustpower and Tilt Renewables, on 31 October.
An $800 million financing package enabled Trustpower to split its Australian and New Zealand wind farms from hydro, gas and broadband assets into a new Australia-based business.
Tilt Renewables will now act as owner, operator and developer of a portfolio of wind farms across Australia and New Zealand.
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 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,” lead partner Mr Schembri said.
“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.”
We're evolving — and so should your insights. Heads up — Lawyers Weekly is going premium from 1 May for just $5 a month. Stay informed without missing a beat. More information coming soon.
Get breaking news
Lara Bullock
