New Zealand energy company, Mercury, has announced an agreement to acquire a 19.99 per cent stake in Australasian energy generation company, Tilt Renewables.
Mercury announced today that it has reached an agreement with the Tauranga Electricity Consumer Trust (TECT) to acquire the stake.
Mercury ahs also secured an option, valid for six months, to acquire the remaining approximately 8.81 per cent of Tilt shares held by TECT.
Mercury CEO Fraser Whineray said the decision was aligned with the company’s exploration of other opportunities related to the electricity sector in Australia.
“The investment will allow Mercury to meaningfully participate in Australia’s accelerating transition to renewable energy sources,” Whinery said.