SYDNEY: After a muted 2020, renewables investment is heating up again in Australia and New Zealand.
New Zealand-based Tilt Renewables Ltd agreed to sell its Australian business to a venture that includes AGL Energy Ltd and its New Zealand assets to Mercury NZ Ltd in a deal that value the company at NZ$2.96bil (US$2.1bil or RM8.6bil).
The transaction highlights a renewed appetite for renewables infrastructure investment in the region, and is the biggest merger and acquisition agreement in Australia and New Zealand this year after the A$4.5bil (US$3.5bil) sale of telecommunication business Vocus Group Ltd to a consortium led by Macquarie Group Ltd.
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