Mercury partners with Infratil in Tilt Renewables offer

Mercury partners with Infratil in Tilt Renewables offer
15 August 2018 – Mercury is partnering with majority shareholder Infratil (IFT) in a takeover offer for all shares in
listed renewable energy generator Tilt Renewables (TLT) with the intent to privatise the company.
As part of Mercury’s relationship with Infratil, Mercury will retain its current shareholding in Tilt (19.99%), and
secure the right to appoint a director. Both Mercury and Infratil have also committed to provide equity funding
support for Tilt’s proposed Dundonnell windfarm development in Victoria, Australia.
Mercury Chief Executive Fraser Whineray said that Mercury’s long-term strategy recognises wind and solar energy
as the preeminent growth technologies for electricity generation globally and a logical growth area for Mercury and
its commitment to renewable energy. Mercury already has an established solar installation business, as well as
consented wind options in New Zealand.
“Tilt is well established in Australia and New Zealand, in terms of its platform, expertise and development pipeline
of wind and solar generation. It has a robust portfolio of operating wind farms, a strong management team with a
proven track record and consented renewable generation projects which it can bring to market when conditions are
right,” Mr Whineray said.
“Working with Infratil presents an exciting opportunity to combine Mercury’s long-term focus, generation
development experience, and electricity trading expertise with Infratil’s proven effectiveness in investing in “Ideas
that Matter”, including renewables which it identifies as one of its core investment platforms.”
“The offer advances Mercury’s meaningful interest in Tilt’s operational performance and the growth opportunities it
has particularly in Australia, a market needing to significantly transition electricity generation to renewable forms of
energy” Mr Whineray said.
A copy of the Notice of Intention to make an offer is attached and has been sent to the NZX and ASX. The offer is
intended to be formally sent to shareholders in early September, and is expected to close in October. FNZC has
provided financial advice to Mercury and Chapman Tripp is its legal adviser.

For further information:
Media – Craig Dowling M + 64 27 210 5337
Investor Relations – Tim Thompson M +64 27 204 6455
ABOUT MERCURY NZ LIMITED
Mercury’s mission is energy freedom. Our purpose is to inspire New Zealanders to enjoy energy in more wonderful
ways and our goal is to be New Zealand’s leading energy brand. We focus on our customers, our people, our
partners and our country; maintain a long term view of sustainability; and promote wonderful choices. Mercury is
energy made wonderful.
Visit us at: www.mercury.co.nz
STOCK EXCHANGE LISTINGS: NZX (MCY) / ASX (MCY)

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