Infratil Limited · NZX:IFT
Infratil — Tilt Renewables — Investor Day (April 2019)
18 slides from Infratil's investor day presentation, Apr 10, 2019
Slide 1: Tilt Renewables Infratil Investor Day
Tilt Renewables Infratil Investor Day 10 April 2019
Slide 2: Agenda
AGENDA • 12 month highlights • Delivering the strategy • Current company position • Look to the future
Slide 3: Overall Highlights for FY2019
Overall Highlights for FY2019 Operational Shareholder Pipeline Performance Value Growth Enhancement • Fleet availability 96.7% (11 • Salt Creek 54MW delivered • Liverpool up to 1GW months) (A$100M) • Waverley now 130MW • Full year production >2TWh • Dundonnell 336MW in • Consented solar at 660MW • T
Slide 4: Operational Highlights for FY2019
Operational Highlights for FY2019 TLT portfolio production (TWh) 2.5 Actual FY17 Actual FY18 Actual FY19 Soft Q4 wind brings full year production back to “P50” 2.0 • 9 months production to 31 December 2018 was 1.6 TWh 1.5 • Soft March quarter wind conditions in AU and NZ 1.0 0.5 • Full year producti
Slide 5: Strategy Execution – Setting Up Our Future
Strategy Execution – Setting Up Our Future • Salt Creek delivered, on time and budget Revenue Contract Mix (incl. Dundonnell) • Dundonnell contracted at 87% - maintains room 4,000 Portfolio generation GWh per annum Existing Contracts for further merchant exposure in portfolio New DDWF contracts Unco
Slide 6: Operational and Development Projects - Geographical View
Operational and Development Projects - Geographical View 636 MW operational across 322 turbines → 973 MW with Dundonnell across 402 turbines 0.7GW pipe in QLD 1.3GW pipe in NSW 06
Slide 7: Summarised Company Update – At Demerger vs Today
Summarised Company Update – At Demerger vs Today Demerger (October 2016) Today (April 2019) 2.5 years 2,800 A$660M new 4,400 MW investment MW committed Renewables capacity MW Demerger Today Key progress (October 2016) (April 2019) Operational 582 636 2,300MW+ Salt Creek WF delivered Construction - 3
Slide 8: The Future for TLT?
Ui renewables The Future for TLT? | || ; /
Slide 9: Operational Outlook for FY2020
Operational Outlook for FY2020 Area Relative to FY19 FY2020 earnings reflects portfolio before Dundonnell P50 assumed, Salt Creek full year Production • Full 12 months of Salt Creek under Meridian PPA offset by some SA curtailment • P50 portfolio production circa 2 TWh in line, full year Salt Cr
Slide 10: Long-term Fundamentals for Australian Renewables Remain Encouraging
Long-term Fundamentals for Australian Renewables Remain Encouraging • Decarbonisation of Australia’s electricity market will continue over the next 20 – 30 years, as coal fired power stations reach ‘end of life’ and are replaced by lower cost renewables • Private sector investment in new coal-fired
Slide 11: Energy Transition Underway in Australia
Energy Transition Underway in Australia ~35 GW ‘Grid Relative change in NEM capacity mix Scale’ Renewables Opportunity 011 Source: AEMO Integrated System Plan – Generation mix forecasts – neutral case
Slide 12: Energy Mix Change Depends on the State
Energy Mix Change Depends on the State Key Points • Overall growth in demand • Move away from coal • Utility storage plays a role, especially in heavy solar penetration areas • Transmission system must adapt Generation Mix Black coal Brown Coal Gas/Liquid/Biomass Hydro Wind Utility solar DER (roofto
Slide 13: Australian Market - Short Term Pain is Real
Australian Market - Short Term Pain is Real Policy Technical Commercial Energy & Climate will be Traditional PPA market is fairly Transmission system a huge stagnant, tenors tightening Federal election issues constraint (connection, losses and curtailment) Government CfDs are likely COP21 reductions
Slide 14: Strategic Considerations Australian Market
Appropriate scale in 1 – 5 Strategic Considerations Access to years? Short term capability headwinds Australian Market gaps (build or due to grid buy) and politics Patience is required Technology Sources of flexibility debt and (solar, wind, equity (cost storage) and flexibility) LCOE focus – Pipeli
Slide 15: Strategic Considerations New Zealand Market
Market activity is increasing as supply tightens Strategic Considerations Operation of TLT is the only older assets on credible New Zealand Market tough sites is a independent key skill developer in NZ Opportunity will knock Growing our pipeline of Government quality options– . ambitions may TLT can
Slide 16: Summary
Summary • Strategy of securing a range of development options and delivering into opportunities, is being successfully executed • Immediate focus is on Dundonnell delivery, the performance of the operational business and the next growth options • Core Australia investment thesis remains valid • New
Slide 17: Thank you
Vim rovewablos Thank you
Slide 18: Disclaimer
Disclaimer This presentation is issued by Tilt Renewables Limited. While all reasonable care has been taken in the preparation of this presentation, Tilt Renewables Limited and its related entities, directors, officers and employees (collectively “Tilt Renewables”) do not accept, and expressly discl