KWM advises QIC and Future Fund on the $750 million acquisition of AGL’s stake in Tilt Renewables

King & Wood Mallesons (KWM) is proud to have advised both Queensland Investment Corporation (QIC) and Future Fund on the $750 million acquisition of AGL’s stake in Tilt Renewables.

Under the transaction, QIC (on behalf of its managed funds and clients) and Future Fund have agreed to acquire an aggregate 19.9% interest in Tilt Renewables from AGL, subject to certain conditions, with AGL to retain a de minimis interest following completion.

Tilt Renewables is a leading Australian renewables owner and developer, operating a 1.9GW diversified portfolio across 12 major assets with a high-quality development pipeline exceeding 1.6GW.

The KWM team advising QIC was led by Partners Craig Rogers and Adam Black, supported by Partners Lizzie Knight, Greg Protektor, Senior Associate Sam Dimopoulos and Special Counsel Prue O’Sullivan and Eli Breinl. 

The KWM team advising Future Fund was led by Partner Diana Nicholson, supported by Senior Associates Jordan Osrin and Emma Bowman and Partners Michael Perez, Kai-Chen Lamb and Special Counsel Ari Rosenbaum.

Partner Simon Cooke provided competition advice to both the QIC and FF teams.

Commenting on the transaction, Managing Partner Craig Rogers said:

“We are pleased to support both QIC and the Future Fund with an additional investment in Tilt that demonstrates the sustained importance of mature, high-quality renewable infrastructure in Australia’s energy landscape.”

The transactions underscore KWM’s leadership in renewables and infrastructure and reflect the firm’s continued role in supporting Australia’s rapidly evolving clean energy sector.