Infratil Limited · NZX:IFT
Infratil — Investor Day (February 2022)
13 slides from Infratil's investor day presentation, Feb 15, 2022
Slide 1: Investor Day
Investor Day February 15, 2022 Photo: Longroad’s Monmouth, ME project site
Slide 2: Business Overview
Business Overview LONGROAD ENERGY PARTNERS, LLC • Vertically integrated developer, owner, operator established 2016 • US wind, solar, and storage • Developed and acquired 3.2 GW since inception, of which 1.8 GW sold and 1.4 GW retained • Near-term (2022-24) growth of 4.5 GW, ~1.5 GW p.a. • 2025+ pip
Slide 3: US Renewables – Annual Additions
US Renewables – Annual Additions Storage (ex. Residential) Solar (ex. Residential) Weaver Wind (onshore) Without new federal climate legislation, expect wind, solar, and storage market to be ~40-45 GW per year Source: BNEF 3
Slide 4: Last 12 Months: Global Supply Disruption
Last 12 Months: Global Supply Disruption Steel Shipping Containers Weaver Lithium PV Panels Inflation at 30-year high; impacting project economics Note: all MW figures herein reference dc for PV, ac for Wind, and dc for storage nameplate capacity 4
Slide 5: Last 12 Months: FNTP Growth vs. Global Supply Disruption
Last 12 Months: FNTP Growth vs. Global Supply Disruption • 12 months ago: 1.8 GW • Closed/achieved commercial (12 projects) poised for operation of Sun Streams 2 (200 MW) FNTP over 2021/22 • Closed financing and started construction on Maine DG1 (26 MW) • Some deals slid to the right to get reworked
Slide 6: Last 12 Months: Pipeline Growth
Last 12 Months: Pipeline Growth 12,930 7,683 • +68% growth in total pipeline • +245% growth in CAISO (California) • Significant growth in storage • Added NVE pipeline (Nevada) Weaver pipeline (+143%) • +109% growth in SCPPA/LA (City of • Actively adding wind portfolio Los Angeles) • Added to PAC (Mo
Slide 7: Growth Prospects: 2022-26 Pipeline
Growth Prospects: 2022-26 Pipeline Longroad’s 1.4 GW of operating assets and ~13 GW pipeline are composed of wind, solar, solar and storage, and standalone storage assets across 13 states Solar Assets 1,001+ MW Solar + Storage Assets 501 MW – 1,000 MW Storage Only Assets Wind Assets 0 MW – 500 MW So
Slide 8: Key Themes in the US Renewable Sector
Key Themes in the US Renewable Sector Significant • Build Back Better setback, but reintroduction of Climate legislation possible 1 Industry • State level support mechanisms strengthening Tailwinds • Corporate buyers of renewable energy at all time high (31 GW in 2021)(1) 2 Global Supply • Significa
Slide 9: Strategic Shift To Retaining Projects
Strategic Shift To Retaining Proejcts • Historically primarily develop-to-sell Longroad Plan business model: 3.2 (total dev/acq) – 1.8 (sold) = 1.4 GW owned A six-fold increase in retained operating assets…. • Going forward, making strategic shift to 8.5 GW primarily develop-to-own to build scale ne
Slide 10: Longroad Investment Thesis
Longroad Investment Thesis • Average since 2018: 760 MW – many of our new projects include storage • 2022-24 pipeline advanced (42 % with revenue contracts or in discussion) We can develop 1.5 GW(1) per year • 2025+: 8.5 GW pipeline in 2022 provides ample coverage; will continue to (1) Includes stor
Slide 11: Closed and Announced Platform Transactions
Closed and Announced Platform Transactions January 2022 December 2020 December 2021 December 2021 November 2021 October 2021 October 2021 Weaver July 2021 July 2021 June 2021 April 2021 August 2020 March 2020 July 2019 March 2018 Significant and growing volume of capital being allocated to the energ
Slide 12: Wrap-Up
Wrap-Up • Strategic shift positions Longroad well for the next five years in an ever more competitive US renewable market • Longroad targeting to grow its operating base from 1.4 to over 8.5 GW in five years by developing and retaining its pipeline of projects • Longroad well-positioned as high-qual
Slide 13: Thank you
Photo Credit: Nolan Hartleben Thank you