WELLINGTON, New Zealand--A consortium of New Zealand and Australian companies have offered to buy Tilt Renewables Ltd. in a deal that values the wind-farm company at 2.94 billion New Zealand dollars ($2.1 billion).

Mercury NZ Ltd. and PowAR, which is a partnership between Australia's AGL Energy Ltd. and an Australian sovereign wealth fund, said they have offered NZ$7.80 a share in cash for Tilt.

Under the terms of the offer, PowAR will buy Tilt's business in Australia and Mercury will acquire Tilt's New Zealand business.

Tilt's 65.5% shareholder, infrastructure investor Infratil Ltd., said it supports the offer, which has also been endorsed by Tilt's board.

Mercury is an existing shareholder in Tilt with a 19.9% stake.

Tilt's shares gained 61% in December after Infratil said it was reviewing the future of its stake in the company. The offer is a 99% premium to Tilt's closing NZX share price on Dec. 4, which was the day before Infratil's statement.

Write to Stephen Wright at stephen.wright@wsj.com

(END) Dow Jones Newswires

03-14-21 1620ET