WELLINGTON, New Zealand--Wind power company Tilt Renewables Ltd. said an investor consortium has increased its acquisition offer, fending off a rival proposal.

Tilt, which has wind farms in New Zealand and Australia, said Monday its minority shareholder Mercury NZ Ltd. and Australian investors, would pay a total of 3.07 billion New Zealand dollars ($2.9 billion).

On a per-share basis, the consortium which includes Australian sovereign wealth funds, has agreed to pay NZ$8.10 a share, up from NZ$7.80 a share.

Tilt, which was halted from trading last week after getting a rival offer, said it has now agreed to not "progress any competing proposals that may be presented."

The deal, which is supported by Tilt's 65.5% shareholder Infratil Ltd., is expected to be completed in August.

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

(END) Dow Jones Newswires

04-18-21 1705ET