Energy Storage News•about 2 months ago
AGL divests 19.9% Tilt Renewables stake to fund battery storage expansion
Key Takeaway
A major utility is strategically reallocating significant capital from renewables development to battery storage, underscoring the growing market priority and investment in grid flexibility.
AI Summary
- •AGL Energy is divesting a 19.9% equity interest in Tilt Renewables for AU$750 million (US$488 million) to a QIC and Future Fund-led consortium.
- •The primary purpose of this divestment is to fund AGL's significant expansion into battery storage projects.
- •This strategic capital reallocation by a major utility signals a strong market emphasis and increased investment flow towards large-scale energy storage.
- •Developers should note the increased capital availability and utility focus on battery storage, indicating potential growth in project opportunities and demand for storage solutions.
Topics
financingm&asolarstoragewind
Article Content
Australia’s AGL Energy has agreed to divest 19.9% of its equity interest in Tilt Renewables to Queensland Investment Corporation (QIC) and a Future Fund-led consortium for AU$750 million (US$488 million).