AGL prepares to offload Tilt | Canaccord eyes stake in Wilsons | Bis secures debt lifeline

Good evening,

AGL Energy is preparing to offload its stake in Tilt Renewables, the green energy developer which it helped pluck off the Australian and New Zealand stock exchanges in a $2.7 billion bid four years ago.

The major electricity generator and retailer has mandated Bank of America’s local head of infrastructure and utilities Sam Watson to launch a sale process for its 20 per cent stake in Tilt.

The business develops, owns and manages renewable power generation assets, has a 3.5 gigawatt development pipeline and owns assets like the Broken Hill solar farm in NSW, the Salt Creek wind farm in Victoria, and the Snowtown battery in South Australia.

Potential investors have been told to expect preliminary sale documents soon, with the sale slated to launch in the coming weeks. An AGL spokesperson declined to comment.

Read the full story tomorrow and more on the Street Talk page.

The Australian sharemarket extended its record high on Wednesday, with investors heartened by encouraging news from London where US and Chinese officials are seeking a trade truce.

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