AGL Energy has cashed out of almost all its stake in Tilt Renewables, selling 19.9% of its 20% holding for $750m in a deal steered by HSF Kramer and Allens.

The slice was taken up by existing Tilt shareholders alongside groups led by the Queensland Investment Corporation and the Future Fund.

AGL says the divestment unlocks capital to fund its next wave of firming and renewables projects as it works toward its 6 GW by FY30 target.

Tilt already supplies AGL with 1.6 GW of renewable capacity under long-term PPAs. The partnership deepens that pipeline, with AGL committing to take 45% of output from the Palmer Wind Farm and 100% from Waddi, both on 15-year terms.

Before the deal, Tilt’s ownership sat at 40% QIC, 40% Future Fund, and 20% AGL.

HSF Kramer advised AGL, led by Nicole Pedler, with support from Marijana Banovac and Arda Reznikas. Partner Peter Davis advised on the strategic partnership with Tilt.

Allens co-led the sale mandate through partners Kate Axup and Jeremy Low, drawing on a cross-practice team spanning projects, corporate, finance, employment, IP, property and tech.

Source: HSF Kramer, Allens