Strategic review of shareholding in Tilt Renewables

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com
7 December 2020



Infratil announces a strategic review of its shareholding in Tilt Renewables Limited

Infratil advises that it intends to undertake a strategic review of its shareholding in Tilt Renewables
Limited (Tilt).

Tilt is a leading renewables platform in Australia and New Zealand, with a portfolio of high quality
operating assets, a significant development pipeline and a professional team with proven ability to
deliver. Tilt is listed on both the NZX and ASX and Infratil currently owns 65.5% of the outstanding
shares.

Infratil has recently received a number of enquiries in relation to its Tilt shareholding. Given strong
demand for high quality renewables platforms globally, Infratil considers it is prudent to assess
alternatives for its Tilt shareholding, including divestment of its position. Any decision to pursue a
particular proposal would need to demonstrate a material increase in expected returns and
shareholder value relative to the current positive outlook. The strategic review is scheduled to be
concluded within six months.

Marko Bogoievski, Infratil CEO, said “Infratil remains committed to deploying capital in renewable
energy globally and has established scaled platforms in Australia, New Zealand, United States and
Europe. We continue to assess opportunities in other geographies while evaluating the rate of
development in our existing markets. We continue to be highly supportive of Tilt and its management
team, however, the strong interest in Tilt has tipped the balance in favour of initiating the strategic
review today.”

Following construction of its Waipipi wind farm, Tilt will have 343 operating turbines across 9 wind
farms in Australia and New Zealand, with a total installed capacity of 836MW. Tilt also has a
significant development pipeline of wind and solar projects, with approvals for more than 2,500MW of
installed capacity.

We will continue to update the market of any material developments.

Goldman Sachs has been engaged to assist in undertaking the strategic review.


Any enquiries should be directed to:

Mark Flesher, Investor Relations, Infratil Limited
mark.flesher@infratil.com