Deal: The PowAR consortium has been advised on its successful acquisition of Tilt Renewables in partnership with Mercury NZ.

Value: $3 billion.

Area: M&A.

Key players: The Gilbert + Tobin team was jointly led by co-head of M&A/corporate advisory Neil Pathak and head of energy and infrastructure Alexander Danne.

The pair were supported by special counsel Matthew O'Connor and lawyers Matthew Ampt, Keara Stretton, Skanda Kumble, Kestin Brown, Harrison Custance and Hannah Bragge.

Deal significance: As per a statement provided by Gilbert + Tobin, Tilt operates a market-leading renewables energy platform owning eight operating assets and 11 development projects in Australia and New Zealand, including wind farms, solar farms and battery energy storage assets.

“QIC, AGL and the Future Fund bid for ASX- and NZX-listed Tilt Renewables through their jointly owned Powering Australian Renewables partnership (PowAR), teaming up with existing Tilt shareholder Mercury NZ to take part in a highly competitive bidding process,” the firm explained.

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“PowAR will own the Australian assets in the Tilt portfolio while Mercury NZ acquires the New Zealand assets.”

Commenting on the deal, Mr Danne, said: “The successful transaction is a great outcome for our client PoWAR and its owners.

“Tilt Renewables has built a unique platform and an attractive portfolio of projects in a short time. The transaction is evidence of the importance of the renewables energy market to Australia’s future and also demonstrates PowAR’s long-term commitment to the Australian renewable energy market.”

Mr Pathak added: “We are grateful for our clients trusting us with their work on this exciting and challenging transaction, involving many interesting and unique aspects, including the highly contested bidding for a public company, the split of the target assets via the scheme process and various cross-border intricacies. We feel privileged to be part of the successful PowAR team.”