Mercury NZ and PowAR completes NZD3.07 billion takeover of Tilt Renewables

New Zealand-based electricity generation company Mercury NZ and the Australian infrastructure investment fund Powering Australian Renewables (PowaAR) have completed the acquisition of majority stakes in Tilt Renewables. 

The deal represents 65.5% stakes for NZ$2.96 billion (US$2.09 billion). The transaction was made after the offer made by Infratil which holds the majority interest in Tilt Renewables. 

Mercury NZ will now own Tararua I, II, and III, Mahinerangi and Waipipi operating wind projects in New Zealand. As part of the deal, the company can also develop wind farms in other regions, including Manawatu, Northland, Otago, and Southland.