Tilt Renewables Acquisition, Valuation, Funding & Investors

Tilt Renewables was acquired by AGL Energy for $2.2B in March 2021, a 19.0x multiple on $114M of revenue.

Tilt Renewables acquisition price

$2.2B

Acquired by AGL Energy · Mar 2021

Tilt Renewables revenue at acquisition

$114M

Last twelve months · Mar 2021

Tilt Renewables revenue multiple at acquisition

19.0x

EV/Revenue · Mar 2021

Tilt Renewables EBITDA multiple at acquisition

27.5x

EV/EBITDA · Mar 2021

Tilt Renewables Overview

About Tilt Renewables

Tilt Renewables is a Wellington-headquartered renewable energy firm owning and operating wind farms across Australia and New Zealand. Its assets include the 420 MW Macarthur Wind Farm in Victoria, the 369 MW Snowtown Wind Farm in South Australia, and the 158 MW Te Rere Hau facility in New Zealand. The portfolio generates approximately 2,200 GWh annually. Delisted from NZX and ASX in 2021 following Infratil's takeover, Tilt Renewables maintains development pipelines for additional onshore and offshore projects in both countries.


Founded

2016

HQ

AustraliaMelbourne

Status

Acquired

Customer focus

B2B

Revenue model

Usage-based

Revenue

$114M (Mar 2021)

Valuation

$2.2B (acquired Mar 2021)

Tilt Renewables Acquisition

Tilt Renewables was acquired by AGL Energy for $2.2B on 14 March 2021.

The acquisition price implies a 19.0x revenue and 27.5x EBITDA multiple on $114M of revenue.

Before the acquisition Tilt Renewables had raised $26M across 1 funding round.

Tilt Renewables acquisition details
AcquirerDateTypePriceEV/RevenueEV/EBITDA
14 Mar 2021Strategic M&A$2.2B19.0x27.5x

Tilt Renewables Funding History

Tilt Renewables has raised a total of $26M across 1 funding round, plus 1 secondary share sale.

Tilt Renewables funding rounds

Tilt Renewables funding rounds
DateStageInvestorsRaisedDeal Summary
Nov 2025SecondaryQIC; Future Fund-QIC, on behalf of its managed funds and clients, together with the Future Fund, agreed on 10 November 2025 to acquire 19.9 per cent of AGL Energy Limited's minority stake in Tilt Renewables, taking QIC and its partners to 99.9 per cent ownership. AGL reported consideration of AUD 750 million, equivalent to approximately USD 488 million at the November 2025 average AUD/USD exchange rate of 0.65065 (Frankfurter/ECB reference rates); Reuters reported the figure as USD 487 million. That amount is the price for the 19.9 per cent interest, not an enterprise value for Tilt Renewables; no enterprise value has been publicly reported, so none is recorded here. Completion was expected in the third quarter of AGL's 2026 financial year, subject to regulatory approvals. Tilt Renewables owns and operates Australia's largest operating wind platform, a 1.9GW diversified portfolio across 12 assets, with a development pipeline exceeding 1.6GW scheduled to reach final investment decisions within 12 months. The transaction consolidated Tilt's long-term Australian shareholder base around QIC and the Future Fund. QIC has backed the platform since 2016, when it began with two seed assets and a single customer under the partnership between QIC, the Future Fund and AGL. AGL said it would apply the proceeds to flexible, dispatchable generation capacity and balance sheet flexibility.
Sep 2022Undisclosed stageBrighter Super$26MBrighter Super invested A$40 million for a minority equity position in Tilt Renewables, the unlisted Australian wind and solar generator controlled by Queensland Investment Corporation and its institutional co-investors alongside AGL Energy. The fund said the money supports construction of the 396 MW Rye Park Wind Farm north of Yass in New South Wales, a 66-turbine project expected to create about 250 construction jobs, and gives members exposure to a 1,314 MW operating portfolio. The commitment was part of Brighter Super's push into unlisted renewable energy assets after its mergers with Energy Super and Suncorp's superannuation business.

Who has invested in Tilt Renewables?

3 investors have backed Tilt Renewables across its funding rounds, including Future Fund, QIC and Brighter Super.


Tilt Renewables Investors

Investors in Tilt Renewables by funding rounds participated
InvestorHQRoundsRoleFirst check
QICAustraliaBrisbane1ParticipantNov 2025

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Tilt Renewables Competitors

Tilt Renewables competitors include listed companies like Verbio, Auren Energia and Pertamina Geothermal, and private ones like Montana Renewables, Enel Green Power Hellas and EGPE Solar.

Public and private companies comparable to Tilt Renewables
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Montana RenewablesUnited StatesWashington, DCPrivate--$2.3B-
Enel Green Power HellasGreeceAthensPrivate--$2.3B-
VerbioGermanyGermanyPublicly listed$1.8B($59M)$2.3B1.2x
Auren EnergiaBrazilBrazilPublicly listed$2.6B$673M$2.4B2.9x
EGPE SolarSpainSpainPrivate--$2B-
Pertamina GeothermalIndonesiaIndonesiaPublicly listed$433M$326M$2.5B5.7x

Tilt Renewables Public Comps

Tilt Renewables is no longer listed, but its public comps include Central Puerto, SMA Solar Technology, Ahlatci Doğal Gaz, SolarEdge, MedcoEnergi, Orygen Peru, Rockpoint Gas Storage, GCL System Integration, Sunrun and Nofar Energy.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Central Puerto$726M$422M3.8x2.6x6.5x6.1x
SMA Solar Technology$1.7B($77M)1.2x1.1x(26.4x)14.3x
Ahlatci Doğal Gaz$1.1B$107M2.0x-20.6x-
SolarEdge$1.2B($365M)1.8x1.6x(5.7x)(86.7x)
MedcoEnergi$2.4B$1.2B2.2x2.1x4.3x3.9x
Orygen Peru$831M$478M2.7x-4.7x-
Rockpoint Gas Storage$479M$362M7.3x7.5x9.6x9.0x
GCL System Integration$2.3B($43M)1.0x0.8x(53.5x)20.5x

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Common questions about Tilt Renewables

When was Tilt Renewables founded?Tilt Renewables was founded in 2016.
Where is Tilt Renewables headquartered?Tilt Renewables is headquartered in Melbourne, Australia.
Is Tilt Renewables publicly listed?No, Tilt Renewables was acquired by AGL Energy in March 2021.
Who acquired Tilt Renewables?Tilt Renewables was acquired by AGL Energy in March 2021.
How much was Tilt Renewables acquired for?Tilt Renewables was acquired for $2.2B in March 2021, a 19.0x revenue multiple.
How much funding has Tilt Renewables raised?Tilt Renewables has raised $26M across 1 funding round.
What was Tilt Renewables' last funding round?Tilt Renewables' last funding round was a $26M undisclosed-stage round in September 2022.
Who are Tilt Renewables' investors?Tilt Renewables' investors include QIC, Brighter Super and Future Fund.
Which companies are comparable to Tilt Renewables?Companies comparable to Tilt Renewables include Montana Renewables, Enel Green Power Hellas, Verbio, Auren Energia, EGPE Solar and Pertamina Geothermal.

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