Update on PowAR’s acquisition of Tilt Renewables’ Australian business

AGL Energy Limited (AGL) refers to the announcement made by Tilt Renewables Limited (Tilt) on 16 April 2021 advising that it has amended the Scheme Implementation Agreement entered into with Powering Australian Renewables (PowAR) and Mercury NZ Limited to increase the cash consideration payable under the scheme to NZ$8.10 per share or NZ$3.07 billion, after receiving a competing proposal from a third party. AGL has a 20% interest in PowAR and will now contribute $A357.6 million to fund its portion of PowAR’s acquisition of Tilt’s Australian business.

Authorised for release by AGL’s Market Disclosure Committee.