Genesis and Tilt Renewables Sign Waverley Wind Farm PPA

MARKET RELEASE
Date: 17 May 2019
MARKET RELEASE
GENESIS AND TILT RENEWABLES MOVE FORWARD WITH THE 130MW WAVERLEY WIND FARM
Genesis and Tilt Renewables today announce the finalisation of a 20-year electricity o
fftake agreement, which will provide the
foundation for the construction of the approximately 130MW Waverley Wind Farm in South Taranaki.
“Tilt Renewables is pleased to have finalised this long-term offtake agreement with Genesis, which will underpin the delivery
of this exciting renewable energy project,” says Deion Campbell, Tilt Renewables CEO.
Marc England, Genesis CEO, says finalisation of this deal with Tilt Renewables sits within its Future-gen framework which is
aimed at identifying opportunities to decarbonise New Zealand’s energy sector while continuing to supply reliable, affordable
electricity.
“Through this lens we will continue our track record of reducing carbon emissions in the electricity sector whilst not materially
impacting the cost of electricity for New Zealand homes and businesses. The Waverley Wind Farm comes at a price that
is competitive with other forms of baseload electricity, which is particularly important as we meet demand from the transport
and industrial heating sectors looking to electrify in the coming years,” says Marc.
In October last year Genesis and Tilt Renewables announced a strategic relationship between the parties for the development
of more renewable energy for the New Zealand market, and the Waverley Wind Farm will be the
first project brought to
fruition under this partnership.
The finalised offtake agreement will allow Tilt Renewables to complete the remaining development activities, take the final
investment decision and commence construction of the wind farm within the next 6-9 months.
The Waverley Wind Farm, which will be owned and operated by Tilt Renewables, is a wind powered electricity generation
project located between Patea and Waverley in South Taranaki. Resource consent for the project was granted in July 2017 and
the latest design will include 31 turbines installed on the 980 hectare site.
New Zealand has 17 operating wind farms with a capacity of 690 megawatts. Genesis’ Hau Nui (te reo Māori for “big wind”)
was the
first wind farm built in New Zealand. The Hau Nui Wind Farm is a 15-turbine wind farm located in the South Wairarapa
District of New Zealand. Tilt Renewables already owns and operates wind farms in New Zealand at Tararua (134 turbines,
161MW) and Mahinerangi (12 turbines, 36MW).
Continued.

Waverley Wind Farm (WWF) Project and Arrangement Disclosure:
For media enquiries, please contact:
Emma-Kate Greer
Group Manager Corporate Relations
Genesis
Energy
M: +64 27 655 4499
For Genesis investor relations enquiries,
please contact:
Cameron Parker
Investor Relations Manager
Genesis Energy
P: +64 9 951 9311
M: +64 21 241 3150
For further information from Tilt Renewables,
please contact:
Steve Symons
C
hief Financial Officer
Tilt Renewables
M: +61 419 893 746
About Genesis Energy
Genesis Energy (NZX: GNE, ASX: GNE) is a diversified New Zealand energy company. It sells electricity, reticulated natural gas and LPG through its retail brands of
Genesis Energy and Energy Online. It is New Zealand’s largest energy retailer with around 500,000 customers. The Company generates electricity from a diverse
portfolio of thermal and renewable generation assets located in different parts of the country. Genesis Energy also has a 46% interest in the Kupe Joint Venture,
which owns the Kupe Oil and Gas Field offshore of Taranaki, New Zealand. Genesis Energy had revenue of $NZ2.3bn during the 12 months ended 30 June 2018.
More information can be found at www.genesisenergy.co.nz
About Tilt Renewables
Tilt Renewables (NZX:TLT, ASX:TLT) has a vision to be a leading developer and owner of renewable energy generation in Australia and New Zealand. It owns and
operates eight wind farms in Australia and New Zealand with an installed capacity of 636MW and an additional 336MW under construction. Tilt Renewables also
has a significant pipeline of over 3,000MW of wind and solar projects in Australia and New Zealand of which more than 2,500MW have secured the required
planning approvals. www.tiltrenewables.com
Total capacity~130 MWLocated in the South Taranaki
Turbines31Layout provides for 31 individual wind turbine generators
Energy Production
Expected
450 - 460 GWh pa
Average annual output, with Genesis purchasing all energy produced by WWF
PPA Term 20 years
The term of the offtake agreement is 20 years, in addition to generation during
commissioning
PPA Price Reset10 years
An agreed PPA starting price over the first 10 years with regular market resets
for the last 10 years
Construction100%Responsibility for the construction is solely with WWF
Financial CloseQ4 2019Financial Close is expected to be reached by December 2019
CommissioningQ3 2021Target commissioning and commercial operations by September 2021
Offer & Dispatch100%
Genesis has entered a separate service agreement with WWF for offer and
dispatch management services
Transmission110kV
WWF will be connected into the 110kV network at the existing Waverley
substation
Operation100%
WWF assumes all operating responsibility for energy production from the wind
farm
ENDS