Infratil Limited · NZX:IFT
Infratil — Longroad Energy — Investor Day (February 2021)
15 slides from Infratil's investor day presentation, Feb 16, 2021
Slide 1: Investor Day
Investor Day February 16, 2021
Slide 2: Confidentiality
CONFIDENTIALITY The information set forth in this document (including any written materials provided herewith) is proprietary and shall be maintained in strict confidence. Each recipient hereof acknowledges and agrees that the contents of this presentation (i) constitute proprietary and confidential
Slide 3: Key Messages
Key Messages Solid 2020 in the Face of COVID-19 Climate Push 2021/22 Presents Growth is Further Identified Weaver Upside Upsized Capital by $100 mm COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL. 3
Slide 4: Business Overview
Business Overview (at 2/15/21) LONGROAD ENERGY PARTNERS, LLC Longroad Energy • 36 personnel, including corporate Holdings, LLC services and management Opco Devco Servicesco • 1.6 GW total / 13 • 2.0 GW developed • 3.4 GW under contractWeaver projects/portfolios • 0.9 GW acquired — 1.6 GW / 13 — 0.5
Slide 5: Numbers
Numbers Portfolio Since Inception (GW) 0.9 • 4.5 years since inception 2.0 • 126 Employees 1.6 (1.3) • 0 Recordable Safety incidents in 2020 • 3.4 GW under contract (services) • $6.4 billion capital raised ITD Weaver Wind v. Solar (GW) • $1.8 billion capital in 2020 0.9 • ~60% IRR to investors (ITD)
Slide 6: Opco 2020
Opco 2020 • Strategic goal to double 2019 Opco capacity (~1 GW) Opco MW — Provides ballast for the whole business: 12/31/2019 995 distributions can help fund Devco growth; Small MN Wind 30 overhead absorption Little Bear 108 — Embedded option value to extract more value with technology improvements,
Slide 7: Devco 2020
Devco 2020 Devco MW 12/31/2019 1,162 Little Bear 215 Muscle Shoals 294 Prospero 2 331 Total EOY 2020 2,002 Growth 72% • 840 MW across three deals in three different regions — California, Texas, Alabama — Cross-section of power buyers: Community Choice Aggregators, Data Centers, and Corporates — Tax
Slide 8: Serviceco 2020
Serviceco 2020 Serviceco MW 12/31/2019 2,245 Small MN Wind 30 Little Bear 215 Prospero 2 331 CPS Energy (54) MN Wind (80) Blackrock 449 Total EOY 2020 3,136 Growth 40% Total excludes SS2 as it closed in 2021 Growing Relationships with Handful of Key Institutions COPYRIGHT © LONGROAD ENERGY HOLDINGS,
Slide 9: Capital Base
Capital Base (US $ millions) Capital Turns (inception to 12/31/20) Capital Increased • Cash Commitment - $125 mm (US $ millions) @ 1/1/20 @ 1/1/21 — $203 mm capital called LEH Cash Facility 125 175 — Turned over 1.6x LEH LC Facility 150 150 LEH Revolver - 50 • LC Facility - $150 mm MSH Investment 45
Slide 10: 2021/22 Identified Growth: 1.8 GW
2021/22 Identified Growth: 1.8 GW MaineE Utility Solar 140 MWdc Utah Solar and Storage Maine DG Solar 1 260 MWdc + storage 27 MWdc Maine DG Solar 2 45 MWdc CA Solar and Storage 260 MWdc + storage Sun Streams 2 Foxhound Solar 199 MWdc 108 MWdc Sun Streams 4 Seven Bridges Solar 195 MWdc + storage 136
Slide 11: Sun Streams
Sun Streams Palo Verde Nuclear Plant 4 GW Sun Streams Complex • Acquired from First Solar • SS2 – 200 MWdc (PPA with Microsoft) • SS4/5 – 700 MWdc • Access to CA and AZ markets • Storage potential for SS4/5 COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL. 11
Slide 12: The "Energy Transition"
The “Energy Transition” COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL. 12
Slide 13: The Energy Transition: 2020 to 2050
The Energy Transition: 2020 to 2050 (units are Exajoules) • Massive growth in renewables All figures are in exajoules 2020 2050 % change Solar + Wind 1.7 40.8 +2,300 • Natural gas and petroleum down Natural Gas 31.4 8.3 (73.6) • World will be more Petroleum 39.0 4.4 (88.7) electrified Electricity 38
Slide 14: 2035 Net-Zero Carbon Electricity
2035 Net-Zero Carbon Electricity (for perspective) • Rapid acceleration of clean energy buildout in order to meet 2035 net-zero carbon electric sector target • 70-80 GW per year of wind and solar capacity additions, requiring > US$100 billion private capital • United States’ best ever year wind plus
Slide 15: Thank you!!
Thank you!!