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Australia's AGL Energy AGL has agreed to sell 19.9% of its 20% stake in clean energy developer Tilt Renewables for A$750 million ($487.35 million) to vehicles led by Queensland Investment Corp (QIC) and Australia's sovereign Future Fund. The deal executes a sale process flagged in its August results , aimed at freeing up capital for investment in batteries and other fast-start energy projects that can support the grid when renewable output dips. AGL shares rose as much as 2.8% to a one-week high of A$9.17 in early trade, outperforming a marginal 0.2% rise in the broader benchmark XJO. Tilt’s Australian platform was created when Powering Australian Renewables (PowAR), the AGL/QIC/Future Fund venture, acquired Tilt’s Australian assets in 2021 and later rebranded as Tilt Renewables . Pre‑deal, Tilt was owned 40% by QIC, 40% by Future Fund, and 20% by AGL, with 1.9 gigawatts (GW) operating and a more than 5 GW pipeline, including the 1.3 GW Liverpool Range project in New South Wales. Selling its bulk stake to QIC and the Future Fund brings Tilt fully under the control of long-term infrastructure investors, streamlining ownership and aligning it with their investment horizon. The transaction values AGL's original stake in Tilt, a wind and solar energy developer, well above its A$321 million book value as of June 30, and is expected to deliver a gain on the sale in 2026 earnings, the company said. The country's largest power producer remains commercially tied to Tilt despite stepping back as an owner. It continues to source a significant portion of its renewable supply from the platform under long-term power purchase agreements. These include a 15-year deal for 45% of output from the 396-megawatt Rye Park wind farm in New South Wales. AGL has also committed to buy 45% of output from the Palmer wind farm , which is targeting first power in December 2028, and has a 15-year agreement to take 100% of the Waddi Wind Farm for its Perth Energy business. ($1 = 1.5389 Australian dollars)
