Tilt Renewables: Dundonnell Wind Farm Update

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com

10 July 2020


Tilt Renewables: Dundonnell Wind Farm Update
Tilt Renewables Limited (‘Tilt Renewables’), in which Infratil is a 65% shareholder, announced this morning
that it expects its FY2021 EBITDAF to be in the range of A$65 million to A$80 million, which is a decrease
from its earlier guidance range of A$80 million to A$95 million. The Tilt Renewables announcement is also
attached.
As part of Infratil’s FY2020 results announcement on 29 May 2020, Infratil advised that the continued
uncertainty over the duration and impact of the COVID-19 pandemic meant FY2021 Group earnings or
dividend guidance could not be provided at that stage, but Infratil would provide FY2021 Group guidance
when it had sufficient certainty. As part of that same announcement, Infratil provided component guidance
for FY2021 EBIDTDAF for each of Trustpower, Tilt Renewables and CDC Data Centres, which included the
earlier Tilt Renewables FY2021 EBITDAF guidance range referred to above.
Infratil does not yet have sufficient certainty to provide FY2021 Group guidance but notes the updated
guidance range provided by Tilt Renewables’ today.

Any enquiries should be directed to:
Mark Flesher, Investor Relations, Infratil Limited mark.flesher@infratil.com

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Tilt Renewables GPO Box 16080
Phone: +61 1300 660 623 Collins Street West
tiltrenewables.com Melbourne Victoria, 8007
Australia

NZX AND ASX ANNOUNCEMENT 
9 July 2020 
DUNDONNELL WIND FARM UPDATE 
Tilt Renewables Limited (“TLT”) is pleased to announce that turbine erection activities at the 336MW 
Dundonnell Wind Farm (“DDWF”) located in Western Victoria have been completed, with all 80 turbines 
now erected, in‐line with the original project schedule.  Construction
 activities at the site are now winding 
down and focused on completing commissioning and grid connection of the final batch of turbines.   
To date no Lost Time Injuries have been recorded at the project during more than 600,000 working hours. 
TLT CEO Deion Campbell said, “to deliver 80 of the 
largest wind turbines ever installed in the southern 
hemisphere safely and on time is a superb result and a credit to all involved in the planning and execution 
of the project”.  
To allow DDWF to connect to the Victorian 500kV network TLT has been following an agreed 
commissioning plan to confirm
 compliance with the Generator Performance Standards which were 
negotiated with the Australian Electricity Market Operator (“AEMO”) prior to reaching financial close in 
respect of DDWF in 2018.  Turbine commissioning has progressed such that 113MW is now fully 
operating, however, there is now expected to be a delay in increasing above 
this output due to concerns 
raised by AEMO.   
TLT continues to work with AEMO and turbine supplier, Vestas, to mitigate AEMO's unanticipated 
concerns and allow an increase in the output of DDWF to its full 336MW capacity.  
At this time, whilst discussions continue with AEMO, TLT considers there is insufficient clarity
 of the 
process required by AEMO for TLT to forecast the length of the delay to production ramp up.  
Given the current restriction on DDWF production, TLT now estimates that group EBITDAF for FY21 will 
fall below the guidance range provided to the market in May 2020.  The remaining uncertainty
 with 
production ramp up at DDWF means it is difficult to accurately forecast the EBITDAF contribution from 
DDWF for the full year.  Recognising the uncertainties surrounding the likely outcomes, at this time TLT 
expects FY21 EBITDAF to be in the range of A$65m to A$80m, assuming P50 wind conditions.   
Deion 
Campbell further commented, “the delay to reaching full production at DDWF is unfortunate given 
TLT has followed the prescribed connection process, however it should be remembered that this is a long 
term infrastructure asset which will eventually move to full production and produce strong cashflows for 
more than 30 years”. 
 
ENDS 
 
 
For further information from Tilt Renewables, please contact: 
Steve Symons  
Chief Financial Officer 
Tilt Renewables 
Phone +61 419 893 746