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 man in his 30s with a clipped beard sits at his laptop on a desk with one finger to the side of his face and his chin resting on his thumb as he looks concerned while staring at his computer screen.
Broker Notes

Buy, hold, sell: Life360, Northern Star, and Sigma shares

Are these popular shares buys? Here's how analysts rate them.

Read more »

Business man marking buy on board and underlining it.
Broker Notes

6 ASX All Ords shares elevated to strong buy status after March sell-off

The ASX All Ords fell 8% in March after the US and Israel attacked Iran and oil and gas prices…

Read more »

Red buy button on an Apple keyboard with a finger on it.
Broker Notes

Brokers name 3 ASX shares to buy right now

Here's why brokers are feeling bullish about these three shares this week.

Read more »

Frustrated stock trader screaming while looking at mobile phone, symbolising a falling share price.
Share Market News

Why Beetaloo, Fortescue, Orora, and Whitehaven Coal shares are dropping today

These shares are ending the week in the red. But why?

Read more »

Man in a business suit leaps off a boulder in front of a blue sky.
Share Gainers

3 ASX 200 stocks surging 13% to 36% in this shortened trading week

Investors sent these three ASX 200 stocks flying higher following the Easter break. But why?

Read more »

Three happy office workers cheer as they read about good financial news on a laptop.
Share Gainers

Why Amaero, Mesoblast, Telix, and Tivan shares are charging higher today

These shares are ending the week on a high. But why?

Read more »

A young couple stands next to a real estate agent in an empty apartment they are inspecting.
Real Estate Shares

Mirvac shares sink to their lowest level since 2015. Is this ASX property giant back on the radar?

Multi-year lows put Mirvac shares back on investors’ watchlists today.

Read more »

surprised child reading all about asx 200 shares in a newspaper
Share Market News

Why Magellan, Telix and Fortescue shares are grabbing headlines on Friday

Telix, Magellan, and Fortescue shares are catching ASX investor interest today. But why?

Read more »