Tilt Renewables (ASX:TLT) share price falls despite wind farm news

The Tilt Renewables (ASX:TLT) is sliding lower today despite the company announcing a major development at one of its New Zealand wind farms.

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Tilt Renewables Ltd (ASX: TLT) share price is getting hammered today despite the company providing a positive update to the market this morning. The Tilt share price started the day well, opening 2.4% higher at $6.01.

However, at the time of writing, Tilt shares have retreated back to $5.70, down 2.9% for the day so far. The S&P/ASX 200 Index (ASX: XJO) is also having a pretty lousy day, currently down 1.25%.

Tilt Renewables is a company that operates a portfolio of renewable energy assets across Australia and New Zealand, mostly solar and wind farms.

So what did Tilt report today?

Why did the Tilt share price open higher?

The Tilt share price enjoyed a temporary boost on open as a result of an announcement the company made to the ASX this morning. In the announcement, Tilt reported that its Waipipi Wind Farm, located in South Taranaki, New Zealand, has now been completed. The 133-megawatt farm has 31 completed wind turbines. All 31 turbines are now in a position to export power to the grid.

The Waipipi Wind Farm is the company's largest asset in New Zealand. It will produce an estimated 455 gigawatt-hours of electricity on average per annum. That's enough to reportedly power 65,000 homes.

It was only back on 12 February that Tilt told the markets that the last two turbines were close to being commissioned for grid exploration, with "construction winding down".

Here's what Tilt CEO Deion Campbell had to say on that announcement:

To safely complete construction of 31 of the largest wind turbines ever installed in New Zealand very close to the original schedule is a  superb result, one not common to many large infrastructure projects and a credit to all involved in the planning and execution of the project. This is despite the site being shut down for 5 weeks due to New Zealand's COVID‐19 pandemic response.

Last month, we reported on how Tilt might be acquired by its major shareholder Infratil Ltd (ASX: IFT). That provided a major boost to the Tilt share price at the time. It seems investors have been reluctant to build on that price momentum after today's announcement.

Tilt shares are now up a healthy 54% since 4 December last year, and up by around 10% since 20 January. On the current Tilt share price, the company has a market capitalisation of around $2.21 billion.

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

A businessman compares the growth trajectory of property versus shares.
Opinions

What's the outlook for shares vs. property in 2025?

The experts have put out their new year predictions...

Read more »

a man sits at his desk wearing a business shirt and tie and has a hearty laugh at something on his mobile phone.
Broker Notes

Top brokers name 3 ASX shares to buy next week

Brokers gave buy ratings to these ASX shares last week. Why are they bullish?

Read more »

A young man pointing up looking amazed, indicating a surging share price movement for an ASX company
Broker Notes

These ASX 200 shares could rise 20% to 40% in 2025

Analysts are tipping these shares to deliver huge returns for investors next year.

Read more »

A transport worker walks alongside a stack of containers at a port.
Share Market News

Here's how the ASX 200 market sectors stacked up last week

Industrials came out best amid another bad week for the ASX 200, which fell 2.47% to 8,067 points.

Read more »

Cheerful boyfriend showing mobile phone to girlfriend in dining room. They are spending leisure time together at home and planning their financial future.
Opinions

My ASX share portfolio is up 30% this year! Here's my plan for 2025

The best investing plans shouldn't need too many updates.

Read more »

Animation of a man measuring a percentage sign, symbolising rising interest rates.
Share Market News

Here's when Westpac says the RBA will cut interest rates in 2025

Will the RBA finally take interest rates lower in 2025? Let's see what is being forecast.

Read more »

Shares vs property concept illustrated by graphs in the background and house models on coins.
Share Market News

Shares vs. property: Biggest investment trends of 2024

As another year of investing draws to a close, we review the most significant trends.

Read more »

A woman stares at the candle on her cake, her birthday has fizzled.
Share Market News

Here are the top 10 ASX 200 shares today

This Friday was not a merry one for ASX shares...

Read more »