Trustpower underwent a demerger on 31 October 2016 which separated the Trustpower Group into two new entities - “new” Trustpower (formerly Bay Energy Ltd) and Tilt Renewables Limited. The reorganisation was accomplished by allocating assets, liabilities and contracts existing under the Group between these two entities. Tilt Renewables took ownership of all operational wind assets and the wind and solar development pipeline; and Trustpower retained all hydro-electricity generation assets and Trustpower’s multi-product retail business, which involves the supply of electricity, gas and telecommunications services.
The demerger was effected by way of a “scheme of arrangement” and required shareholder and Court approval. Shareholders approved the demerger on 9 September 2016 and the Court granted final approval on 19 October 2016.