Tilt Renewables is looking to borrow another AUD 2.6bn (USD 1.67bn), according to three sources familiar.

The facility is partially a refinancing and partially a greenfield financing for upcoming projects, such as the 108 MW Wadi wind farm in Western Australia, the 288 MW Palmer wind farm in South Australia and the 962 MW Liverpool Range Wind Farm in New South Wales.

Much of the debt is refinanced acquisition debt from the purchase of Tilt from New Zealand’s Infratil in 2021.

Pisa Acquisition, the special purpose vehicle created for the sale, raised AUD 1.2bn in a variety of tenors and a large bank group to fund the acquisition, according to Infralogic data.

In 2023, Tilt refinanced AUD 1.5bn of debt, including debt linked to Coopers Gap Wind Farm. Last year, Tilt completed an AUD 750m refinancing in April and closed an AUD 391m Asian term loan in August.

Tilt is one of Australia’s largest renewables developers and operators with 11 solar and wind farms generating a collective 1.8 GW and a further 100 MW under construction, according to the company website.

In 2021, New Zealand’s Mercury and the Powering Australian Renewables Fund bought Tilt from Infratil for an enterprise value of AUD 3.3bn and the business was split between New Zealand, which Mercury took, and Australia, which PowAR retained.

PowAR, which was owned by AGL Energy, QIC and the Future Fund, was later rebranded as Tilt Renewables.

AGL has retained Bank of America to sell down its stake in Tilt, as reported. QIC may also sell part of its stake.

A Tilt spokesperson did not respond to a request for comment.