Completion of sale of 65.15% stake in Tilt Renewables

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com
3 August 2021



Completion of sale of 65.15% stake in Tilt Renewables
Infratil announces that it has today completed the sale of its 65.15% stake in Tilt Renewables
Limited (Tilt Renewables) for gross proceeds of $1,984 million (after adjusting for the dividend
which was paid by Tilt Renewables on 30 July 2021). As indicated at Infratil’s full year
announcement, Infratil has applied a portion of the proceeds to fully repay its existing drawn bank
facilities.
Infratil advises that its estimated accounting gain on the disposal of Tilt Renewables (after
estimated incentive fees) is $965 million and that Infratil’s investment in Tilt Renewables has
generated an internal rate of return of approximately 35.2% per annum (after incentive fees)
since it was demerged from Trustpower in 2016. The accounting gain on sale will be finalised as
part of Infratil’s interim financial statements for the period to 30 September 2021.
Realised Incentive Fee
Infratil previously advised that the estimated International Portfolio Realised Incentive payable in
relation to the sale of Tilt Renewables was $118.1 million. Based on the actual completion date
and final sales costs, Infratil advises that the realised incentive fee is now expected to be $121.8
million and is expected to be payable in April 2022.
Infratil Group Guidance
On 31 May 2021, Infratil issued guidance for the year ended 31 March 2022 for Proportionate
EBITDAF of between $505 million to $555 million (excluding Tilt Renewables). Therefore, there
is no change to Infratil Group guidance as a result of today’s completion of the Tilt Renewables
disposal.
Infratil acknowledges the significant contribution from the entire Tilt Renewables team and Board
of Directors and congratulates them on all that they have achieved since they became a
standalone renewable energy developer in 2016. Infratil wishes them well in their future
endeavours.

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