AGL divests 19.9% equity interest in Tilt Renewables

• AGL to divest 19.9% of its 20% equity in Tilt Renewables for $750 million
• Proceeds to fund AGL's investment in flexible, dispatchable capacity and provide balance sheet flexibility
• AGL and Tilt form strategic partnership to advance Tilt's asset portfolio and AGL's decarbonization strategy

AGL Energy Limited (AGL) has announced that it has agreed to divest 19.9% of its 20% equity in Tilt Renewables (Tilt) to existing shareholders and other entities led by the Queensland Investment Corporation (QIC) and the Future Fund for $750 million. The transaction reflects AGL's commitment to disciplined use of its balance sheet and to recycling capital in order to support future growth. AGL will use the proceeds from the divestment to continue to deliver AGL's strategy, including to fund its investment in flexible, dispatchable capacity and to provide additional balance sheet flexibility. AGL is proud of the business it has helped to build in Tilt and the transaction reflects the value that has been created since AGL established the Powering Australian Renewables Fund in 2016 to accelerate deployment of wind and solar renewable generation in Australia. As part of the transaction, AGL and Tilt have formed a strategic partnership that advances both Tilt's expanding asset portfolio and AGL's decarbonisation strategy, facilitating offtake opportunities for a share of Tilt's existing assets and its development pipeline. AGL will continue to hold its remaining stake in Tilt following completion of the transaction.

AGL looks forward to continuing to work with Tilt, QIC and the Future Fund as Tilt delivers its development pipeline. The transaction demonstrates AGL's commitment to realising value in its portfolio and recycling capital to invest in flexible, dispatchable capacity as it works towards its expanded 6GW target of new firming and renewable projects by FY30.