Trustpower has become two separately listed companies on the Australian stock exchange: Tilt Renewables and Trustpower Limited.

Tilt says it is a way to grow the business and access more funding for its next phase of development over time.

The wind farm spans three local government areas: Yass Valley, Hilltops (formerly Boorowa) and Upper Lachlan Shire councils.

Tilt Renewables says these areas have been selected because of their excellent wind energy potential.

The demerger was implemented following a shareholder meeting and confirmed court orders.

Tilt Renewables will continue to be an owner, operator and developer of wind and solar farms across Australia and New Zealand.

It has an asset base of 307 operating turbines across seven wind farms, or about 11 per cent market share of installed wind capacity in Australasia.

Tilt Renewables also has a substantial development pipeline of a further nine wind farm and solar projects across Australia and New Zealand.

A development application for Rye Park wind farm has been lodged with the Department of Planning seeking approval.

It is proposed the wind farm will include up to 109 turbines with a tip height of 157 metres and an approximate installed capacity of 327MW of power. There will be up to three collection substations.

A Tilt Renewables fact sheet says the wind farm is a $500 million project with a direct injection of $2- to $3 million per annum to the local community through payments to landholders, permanent staff and community fund contributions.

Its fact sheet also says the principles of the community benefit fund have now been agreed with the local councils.

It is proposed that separate funds be established in each council area, based on $2500 per annum per turbine built.

These funds would be administered through a 355 committee.

Tilt Renewables has also agreed to allocate at least 20 per cent of the total scheme for educational needs.