Longroad Energy Investor Day

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com
8 September 2023


Longroad Energy Investor Day

Infratil Limited (‘Infratil’) (NZX/ASX: IFT) is pleased to release the presentation materials in advance of
next week’s Longroad Energy investor day in Phoenix, Arizona. The investor day also includes a site
visit to Longroad Energy’s Sun Streams solar projects.

Longroad Energy is a Boston-headquartered renewable energy developer focused on the
development, ownership, and operation of wind, solar and storage projects throughout the US.

Since its establishment in 2016, Longroad Energy has developed and acquired 4.3GW of wind and
solar projects, of which it still retains 2.4GW. This includes 4 projects totalling 0.9GW which are
currently under construction.

In addition to Longroad’s operating and under construction projects, Longroad currently has a
28.5GW development pipeline composed of wind, solar, and co-located and standalone storage
assets across more than 20 US states.

Sun Stream Complex

The Sun Streams complex includes four Maricopa County-based projects that Longroad acquired
from First Solar in February 2021. The first, Sun Streams 2, is a 199MW solar project which
commenced commercial operations in 2021. Sun Streams 3 is a 500MW solar and storage project
which is expected to begin commercial operations in 2024 and will be the largest solar and storage
project in Longroad’s operational portfolio. Construction is expected to commence by the end of the
2023 calendar year on Sun Streams 4, a 677MW solar and storage project.

The Sun Streams site is well situated: adjacent to a significant power hub in the desert Southwest
near California, offering excellent solar resource, and access to multiple transmission options with
direct access to CAISO and the Southwest markets.

For additional information on Longroad Energy, please visit their website at www.longroadenergy.com

Included alongside the Longroad Energy investor day materials is a separate update from Infratil on
the US Renewables market, including some illustrative valuation guidance. This will not form part of
the investor day presentation.



Any enquiries should be directed to:

Matthew Ross
Infratil Finance Director
matthew.ross@hrlmorrison.com
www.infratil.com

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Longroad Energy: Infratil Investor Presentation
Phoenix, Arizona
12 September 2023

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Longroad Energy: Infratil Investor Day
Safety
Hotel Emergencies
•Dial 9-1-1 for any emergency
•Primary muster point is on
Southwest corner of East 7th St. and
S. Mills Ave.
•Secondary muster point is on the
south lawn of Tempe City Hall
•Nearest Medical Facility is 2 blocks
south
•University Health Walk-In Clinic 28 S
Mill Ave, Tempe, AZ 85281

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TopicSpeaker Time
Market Overview and Five-Year Goals Paul Gaynor8:15 –8:30
Operating AssetsMichael Alvarez8:30 –8:45
Understanding The Inflation Reduction Act Ben Miller8:45 –9:15
Execution: Supply Chain and EPCMichael Alvarez9:15 –9:30
Development PlanPaul Gaynor9:30 –9:45
Capital RequirementsPeter Keel9:45 –10:00
Sun Streams Overview Rebecca Kelly10:00 –10:15
Questions10:15 –10:45
Longroad Energy: Infratil Investor Day
Agenda

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4
Once in a Generation Growth Opportunity
Market Overview
Market Commentary
•Policy on target: increasing domestic
manufacturing, decreasing reliance on China
•Treasury guidance imperfect and delayed
•Start-up time to establish domestic manufacturing
•Transmission build out required
•Permitting reform
•Workforce training

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Source: BNEF 1H 2023 US Clean Energy Market Outlook
Need ~100 GW p.a. to hit 80% clean power by 2030
GWMultiple of 2022 Capacity
Solar 364 (3x)
Wind137 (2x)
Storage111(9x)
Total606
2023-2030
Projected
Additions
~75GW p.a.
or about
Market Overview
Game Changing Legislation –IRA 2022

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1.1
1.1
1.5
1.5
1.5 1.5
1.4
2.5
3.6
5.1
6.5
8.0
9.5
-
2.0
4.0
6.0
8.0
10.0
2021202220232024202520262027
MW Deployment
Annual MW Deployed by FNTP Year
Annual MW DeployedCumulative MW Deployed (Incl. Sale Projects)
Net Owned MW -BB1,4332,3923,5004,9766,4327,932
(+) Annual MW Added1,0671,1081,4761,4561,5001,500
(–) MW Sold(108)----------
Net Owned
MW -EB
1,4332,3923,5004,9766,4327,9329,432
Note: Represents the year in which projects reach NTP. Excludes ValtaMW deployment.
1.Includes Foxhound.
(1)
2-3% market share
Reformat
$500m EBITD??A
Five-Year Goal
~10 GW by 2027

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TopicSpeaker Time
Market Overview and Five-Year Goals Paul Gaynor8:15 –8:30
Operating AssetsMichael Alvarez8:30 –8:45
Understanding The Inflation Reduction Act Ben Miller8:45 –9:15
Execution: Supply Chain and EPCMichael Alvarez9:15 –9:30
Development PlanPaul Gaynor9:30 –9:45
Capital RequirementsPeter Keel9:45 –10:00
Sun Streams Overview Rebecca Kelly10:00 –10:15
Questions10:15 –10:45
Longroad Energy: Infratil Investor Day
Agenda

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401+ MW
201 –400 MW
0 –200 MW
Longroad Office
Solar Assets Sold
Solar Operating/In-Construction +
Owned
Solar Services
Wind Assets Sold
Wind Operating/In-Construction + Owned
Wind Services
(1)Reflects net MW sold.
(2)Map excludes Federal Street assets sold and held for sale, which are spread over hundreds of individual sites across the United States.
(3)Maine DG tranche 2 development portfolio sold is represented by a single marker in the state of Maine on the map.
(4)IncludesUmbriel, SunStreams3,PittsfieldandThreeCorners which are currently under construction
Longroad Sold, Owned (Operating + In-Construction), and LES-Managed Assets
Storage Operating/In-Construction + Owned
Storage Services
Storage Assets Sold
GW
3.8
Developed
(4)
0.5
Acquired
4.3
Total
(1.9)
Sold
2.4
Net Owned
(30)
1.9
Services
Operating Assets
2.4 GW / 30 Projects

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Key 2023 Performance Drivers
•Prospero Solar 1 and 2 hail repairs completed ahead of schedule
•Milford Wind repower nearing completion (September COD)
•Maine DG Solar overperforming investment case so far primarily due to strong power
pricing and favorable REC market
New Projects
•Onboarding of Umbriel, Sun Streams 3, Three Corners and Pittsfield on schedule
Challenges
•Sun Streams 2 unfavorable pricing basis due to CAISO modeling error
•Little Bear being curtailed significantly due to local congestion; primarily shielded due to
PPA reimbursements.
•El Campo performance struggling due to equipment quality and failures; Longroad
protected through availability guarantee LDs
Opco on track to achieve 2023 Plan EBITDA of US$147 million
Operating Assets
2023 Performance update

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Operating Assets
2023+ Opco Execution Plan
2023
2023 & beyond
•Safe execution is the Highest Priority
•2023 Opco EBITDA is forecast to be
~US$147 million across 30 projects
•Prioritized improvement of key systems
(e.g., performance optimization, document
management)
•Seamless onboarding of in-construction
projects (Umbriel, Sun Streams 3, Three
Corners, and Pittsfield)
•Total Staff: Asset Management (20), Site
Operations (33), ROC (7)
Key Issues to Address for Growth to
Opco run rate EBITDA of US$500 million
•Congestion/basis and Energy/REC
Management
•Uncontracted merchant price exposure
•Severe convective storm risks – insurance
costs
•Increasing regulatory focus – critical
infrastructure/cyber
•Supply chain and spare parts management
•Labor training and retention; Service
Partnerships
•Technology enhancements and
repowering

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TopicSpeaker Time
Market Overview and Five-Year Goals Paul Gaynor8:15 –8:30
Operating AssetsMichael Alvarez8:30 –8:45
Understanding The Inflation Reduction Act Ben Miller8:45 –9:15
Execution: Supply Chain and EPCMichael Alvarez9:15 –9:30
Development PlanPaul Gaynor9:30 –9:45
Capital RequirementsPeter Keel9:45 –10:00
Sun Streams Overview Rebecca Kelly10:00 –10:15
Questions10:15 –10:45
Longroad Energy: Infratil Investor Day
Agenda

12
Understanding The Inflation Reduction Act
Features of the IRA
Weaver
The IRA directs nearly US$400 billion in federal funding to
clean energy, with the goal of substantially lowering the
nation’s carbon emissions by the end of this decade
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Key Features:
•10-year Production Tax Credit (PTC) (including new solar PTC)
•10-year Investment Tax Credit (ITC)
•Stand-alone Storage ITC
•Made in America
•Energy Communities
•Hydrogen
•Transferability (and Refundability)
...and more

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Domestic
Content
Adder
•110% multiplier for PTC
•+10 percentage points adder to ITC
•FSLR procurement of US-made modules for under-construction
solar-only projects
•Additional OEMs (modules, trackers, inverters, BESS)
expanding US manufacturing base
1
Energy
Comm-
unity
Adder
•Brownfield site or Direct employment or tax revenues from
coal/O&G and unemployment higher than national average
•Census tract with coal mine closed after 2009 or coal power
plant retired since 2009
•Similar toDomestic Content Adder, results in 110% PTC
multiplier or +10 pts ITC
2
+4% $(10)
+5%$(12)
Solar
PTC
•Solar projects can elect solar PTC
•Projects with biggest value opportunity are in locations with
strong solar resource and cheap cost to build (i.e., US
Southwest)
•PTC protections to be added to new solar PPAs. Expect similar
financing structures as precedent wind PTC deals
3
+2% $(5)
Potential Value
+Unlev
IRR%
PPA Price
Discount
$/MWh
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Understanding The Inflation Reduction Act
Economic Impact

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Specific GuidanceLongroad Implications
•Projects must pay prevailing wage and
10-15% apprenticeship labor hours for
construction and alterations/repairs during
operations
•Projects unable to find qualified
apprentices are excused
•Without compliance, tax credits reduced
from 30% ITC / 100% PTC to 6% / 20%,
respectively
•Longroad’s 2022 NTP projects exempt
•Incorporated compliance obligations into
key agreements (EPC, O&M, etc.) for 2023
NTP projects
•Ability to cure and maintain tax credits by
paying correct labor rates and fines.
Willful noncompliance non-curable
Core Requirement
Understanding The Inflation Reduction Act
Prevailing Wage and Apprenticeship

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Specific GuidanceLongroad Implications
•Qualify one of three ways:
1.Brownfield site
2.O&G employment + general
unemployment, or
3.Coal plant or mine closure
•IRS published map of areas qualifying
under #2 / #3. To be updated annually
•Qualification test under #2 is done either at
start of construction or placed in service
•Opportunity to secure qualification status
under method #2 at start of construction
•Qualification under method #3 will remain
in place, providing certainty much earlier
in project development cycle
•Value sharing with PPA offtakerswill vary
across markets
•Relatively small economic pick-up on solar
PTC projects, but more substantive on ITC
projects. Can create large difference in
project economics and viability competing
against others with/without qualification
Understanding The Inflation Reduction Act
Energy Community

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Understanding The Inflation Reduction Act
Energy Community Map
Source: IRS, various ISO
USA Coal Closure Energy Communities –DOE
•Census tract directly adjoining a census tract with a coal
closure
•Census tract with a coal closure
USA MSA/Non-MSAs that are Energy
Communities -DOE
•Is an energy community, as it meets both the Fossil
Fuels Employment (FFE) threshold and the
unemployment rate requirement

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Specific GuidanceLongroad Implications
•Issued proposed guidance (can be utilized
interim), formal guidance expected 1H ‘24
•Structural steel must be US-made.
Includes PV piles (but not trackers) and
wind-turbine generator (WTG) towers
•US Manufactured Product (non-structural
steel/iron) test is done on direct costs
instead of cost to project. Direct costs
exclude profits, overhead and transport
(among other things)
•Project submits certificate to IRS that it
qualifies for adder but must retain records
•Direct cost methodology not anticipated or
based on Made in America precedent.
Industry lobbying for changes, mainly:
•Manufactured Product calculation done
on project cost to purchase equipment,
not supplier direct costs
•Explicit list of equipment that is subject
to Manufactured Product test
•Ability to claim Domestic Content adder
on PV in paired PV + BESS project
•Path to PV qualification in near-term with
module/tracker US-content. Longer-term
PV + BESS with cell manufacturing in US
by mid-decade
Understanding The Inflation Reduction Act
Made in America

18
•110% multiplier for PTC
•+10 percentage points for ITC
Solar
+0.2%
$(0.50)
TBD
TBD
TBDTBD
Potential Value
+Unlev
IRR%
PPA Price
Discount
$/MWh
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Understanding The Inflation Reduction Act
Made in America Examples
1
•110% multiplier for PTC, or
•+10 percentage points for ITC
Wind
•+10 percentage points for ITC
BESS
2
3
+4%
$(10)
Source: CohnReznickCapital August 2022 presentation, “Inflation Reduction Act: Tax Credit Monetization Analysis”
•PTC less accretive in
general. Most wind
projects elect PTC
•Value uplift depends
on cost premium
•Relies on US-based
cell manufacturing
•Also depends on cost
premium

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Specific GuidanceLongroad Implications
•Tax credit sale proceeds are tax exempt
•Seller (i.e., project) unable to sell only
bonus tax credit (i.e., Domestic Content or
Energy Community). Tax credit can only
be sold once
•Buyer responsible if tax credits are later
disallowed, Sellers expected to sign up to
indemnity (similar totax equity)
•Individuals will have difficulty acting as
buyers, as can only use credits to offset
income from the project that is the source
of the tax credits
•Credit unable to be transferred using
lease-passthrough structure due to
“double sale” restriction. May limit use of
structure going forward
•Tax equity still base case. Credit transfers
offer no upfront monetization of
depreciation, inability to “step-up” basis to
fair market value and ~10% price discount
to credit value
•Does provide backstop for tax equity in
case of not being able to monetize credits
Understanding The Inflation Reduction Act
Transferability

20
Understanding The Inflation Reduction Act
IRA: Transferability vs. Tax Equity
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Source: CohnReznickCapital August 2022 presentation, “Inflation Reduction Act: Tax Credit Monetization Analysis”

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TopicSpeaker Time
Market Overview and Five-Year Goals Paul Gaynor8:15 –8:30
Operating AssetsMichael Alvarez8:30 –8:45
Understanding The Inflation Reduction Act Ben Miller8:45 –9:15
Execution: Supply Chain and EPCMichael Alvarez9:15 –9:30
Development PlanPaul Gaynor9:30 –9:45
Capital RequirementsPeter Keel9:45 –10:00
Sun Streams Overview Rebecca Kelly10:00 –10:15
Questions10:15 –10:45
Longroad Energy: Infratil Investor Day
Agenda

Sun Streams 4 (2025), 677 MW
Pre-Construction
Umbriel (2023), 202 MW
Foxhound (2024), 108 MW
Milford Wind (2023), 306 MW
Sun Streams 3 (2024), 500 MW
Serrano (2025), 444 MW
Pre-Construction
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22
Execution: Supply Chain and EPC
Construction: 8 projects/2.4 GW/$3.1 B
401+ MW
201 –400 MW
0 –200 MW
Longroad Office
(1)Reflects total installed capacity (solar, wind and storage).
Solar Development
Wind Development
Storage Development
Solar+Storage Development
Maine DG (2023), 7 MW
3 Corners (2024), 150 MW
Key: Project Name (COD Year), MW

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23
Execution: Supply Chain and EPC
Construction: 3 Corners (Maine)
March 2023
August 2023

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24
Execution: Supply Chain and EPC
Construction: Umbriel (Texas)
March 2023August 2023

25
•Longroad partners with six EPC contractors, principally using a Guaranteed
Maximum Price (GMP) contract structure
•Tier 1 EPC firms are in high demand given IRA tailwinds, with most being
awarded a portfolio of deals or have pivoted to unilateral negotiations and prefer
larger projects
•Tier 2 EPC firms are now advising they are not interested in participating in RFPs
with numerous participants given access to direct opportunities
•No current indication EPC pricing will decline as companies are booking well into
2025/2026 and prevailing wage considerations driving labor costs higher
•Shortage of preconstruction/estimating personnel, so EPCs will only dedicate
resources to opportunities they are reasonably certain will get built and meet
their desire project profile
•Access to First Solar modules is a plus given project delays caused by silicon
module import tariffs and other regulatory restrictions
•Availability of competent craft labor is becoming an issue in a few markets;
craft pay is up 50-100% in most markets
Execution: Supply Chain and EPC
EPC Suppliers

26
•Longroad continues to leverage the strategic partnership with First Solar via a
frame agreement
•Frame capacity plus previous procurement totals multi-GW
•Current frame agreement:
•Successfully contracted and/or supplied Three Corners, Foxhound, Umbriel
and Serrano
•Multi-GW
•Flexible volume but critical to manage projections given shortfall damages,
annual min/max ranges and notices for domestic content
•Pricing is fixed with some pass through for steel and aluminium adjustments
•Transportations cost risk mitigated with US production
•Foreign silicon production shifting to Malaysia and Vietnam – still affected by
anti-circumvention regulation
•IRA inducing additional announced US manufacturing capacity, but existing
guidance is limiting actual investment to date
Execution: Supply Chain and EPC
Equipment –PV Modules

27
•Longroad’s current prequalified inverter manufacturers include Power Electronics,
SMA, TMEIC, and Sungrow
•Will not look to procure inverters direct given consequences of essentially taking
on all commissioning/performance risk
•Commissioning to commence shortly on the first block of Sungrow inverters at
Sun Streams 3
•SMA (contracted via Powin) will have a large presence on projects with BESS
systems
•Reviewing EPC inverters and other alternatives with Powin given domestic
content requirements
•Inverter pricing has remained steady; largest schedule and supply risk are the
medium voltage transformers that are incorporated into the skid
Execution: Supply Chain and EPC
Equipment –Inverters

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•Longroad sources field-proven single axis tracker system from financially stable
vendors
•Longroad has successfully contracted multi-GW of single-axis trackers between
2016 – 2023, primarily with NEXTracker
•Longroad is currently reviewing technology and commercial considerations of
others as potential additions to the approved vendor list
•Suppliers are developing higher tilt angle options for hail regions and Longroad
is piloting NEXTracker’s Hail Pro option
•Since the primary component of single axis trackers is steel, tracker manufactures
are adapting by sourcing US steel. NEXTracker has been building 10 GW of U.S.
tracker manufacturing capacity with partners at 4 factories in the South,
Southwest, and Midwest over the last year
•Lead times are currently 4 to 6 months for piles and tracker racking
Execution: Supply Chain and EPC
Equipment –Trackers

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•Powin is supplying BESS integrations services for Sun Streams 3 & 4 and Serrano
•Longroad Energy storage team evaluating alternative BESS suppliers
―Current short list includes two other suppliers
•IRA domestic content guidelines for BESS unclear and poorly received by industry
―50% US content threshold will require US made cells, supply of which from
Tier 1 vendors will be extremely limited for the next 5 years at least
―Price premiums on US made cells are also vague with estimates anywhere
from 20-50% over landed cost from China
•Lithium carbonate market has decreased ~33% of its peak in 2022 but is still 400%
higher than 2021 low point. General expectation is that it will remain around
current levels for foreseeable future
•BESS delivery times driven by inverter/transformers which are currently at 12
months or greater
Execution: Supply Chain and EPC
Equipment –Storage

30
•All major original equipment manufacturers (OEMs) are struggling through a
combination of higher-than-expected supply chain costs and unexpected warranty
costs on turbines that were rushed to market over the past few years; resulting in
major price increases by all OEMs
•GE, Vestas, and Siemens Gamesa are all struggling with challenges to their service
business through combination of unprofitable service contracts and a high rate of
failures of major components affecting availability
•Closely engaged with three major OEMs to bid on King Pine, a ~1,000 MW wind
project in Maine currently in development
•All major OEMs are exploring options to qualify for IRA Domestic Content adders,
although high cost of transport to project sites presents wind-specific challenge
Execution: Supply Chain and EPC
Equipment –Wind Turbines

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Example of Market
•Historically Main Power Transformers (MPT) were wrapped within EPC
agreements, except when pursuing a safe harbor play, which kept any delays on
the EPC to manage
•With lead times and costs doubling/tripling, work is underway to stand up direct
procurement given need to release prior to EPC RFP full selection
•MPT results from recent project procurement confirms that market conditions
are disappointing, and a seller’s market
•With sites that do not have aux power from a local utility, the critical path of
MPT -> substation energization -> BESS Delivery can drive projects well into a
3+ year from present time schedules
•Expect other equipment to fall into this same category in the near term (aux
transformers, switchgear, HV breakers, etc.)
Execution: Supply Chain and EPC
Equipment –Main Power Transformers

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TopicSpeaker Time
Market Overview and Five-Year Goals Paul Gaynor8:15 –8:30
Operating AssetsMichael Alvarez8:30 –8:45
Understanding The Inflation Reduction Act Ben Miller8:45 –9:15
Execution: Supply Chain and EPCMichael Alvarez9:15 –9:30
Development PlanPaul Gaynor9:30 –9:45
Capital RequirementsPeter Keel9:45 –10:00
Sun Streams Overview Rebecca Kelly10:00 –10:15
Questions10:15 –10:45
Longroad Energy: Infratil Investor Day
Agenda

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33
(1)Reflects total installed capacity (solar, wind and storage).
CA 2 (2024), 176
CA 3 (2025), 368
HI 1 (2025), 280
HI 2 (2025), 46
Sun Streams 4 (2023), 677
TX 1 (2024), 388
Mid-Atlantic 1 (2025), 105
Mountain 2 (2024), 180
CA 1 (2024), 367
Mountain 1 (2024), 180
DSW 1 (2024), 195
DSW 4 (2025), 575
Serrano (2023), 444
Mountain 3 (2025), 540
TX 2 (2025), 150
Mountain 4 (2025), 360
DSW 3 (2025), 1,035
HI 3 (2025), 68
Key: Project Name (FNTP Year), MW
Development Plan
Near Term Plan Candidate Projects
GW
1.1
2023 (2)
2.3
2024 (9)
2.7
2025 (7)
6.1
Total (18)
401+ MW
201 –400 MW
0 –200 MW
Longroad Office
Solar Development
Wind Development
Storage Development
Solar+Storage Development

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34
•Both projects are in Arizona and share Sun Streams 3 design and equipment
features
•Long term PPAs with APS
•McCarthy is the EPC contractor; construction activities underway
•First Solar is supplying solar panels
•BESS to be supplied by Powinand AESC with long-term service performed by
NovaSource
Development Plan
Near Term Plan Projects (2023)
Project MarketTechnologyWind/Solar
MW
BESS
MW
Total
MW
LandInterconnect
Initiated
Sun Streams 4AZ/CAISOPV + BESS377300677YesYes
SerranoAZPV + BESS230214444YesYes
Total6075141,121

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Development Plan
Near Term Plan Candidate Projects (2024)
•Diversified portfolio includes projects in seven different markets; represents
a mix of development regimes and offtake opportunities
•Key variables driving FNTP schedule include permitting, interconnection
construction timelines and access to PPAs
•370 MW in active PPA negotiations
•900 MW awaiting RFP results
Project MarketTechnologyWind/Solar
MW
BESS
MW
Total
MW
LandInterconnect
Initiated
TX 1SPPPV388-388YesYes
DSW 1AZ/CAISOPV + BESS11085195NoYes
CA 1SCPPAPV + BESS267100367YesYes
Mountain 1PACPV + BESS13050180YesYes
Mountain 2PACPV + BESS13050180YesYes
Mountain 3PACPV + BESS390150540YesYes
CA 2CAISOPV + BESS10175176YesYes
Mid-Atlantic 1PJMPV105-105YesYes
TX 2ERCOTBESS-150150YesYes
2024 Candidates, Total1,6216602,281

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Development Plan
Near Term Plan Candidate Projects (2025)
•Portfolio is concentrated in western markets and positioned to meet
sustained utility demand for renewable energy
•Projects are participating in active utility PPA/BTA RFP processes (e.g.,
PacifiCorp, HECO, APS)
•HECO’s potential entanglement with recent Maui wildfires introduces a risk
of delay in signing PPAs in Hawaii
•Other potential 2025 FNTP projects exist within Longroad’s pipeline
Project MarketTechnologyWind/Solar
MW
BESS
MW
Total
MW
LandInterconnect
Initiated
CA 3SCPPAPV + BESS268100368YesYes
HI 1HIPV + BESS160120280NoYes
HI 2HIPV + BESS262046YesYes
HI 3HIPV + BESS383068YesYes
DSW 3AZPV + BESS5854501,035YesYes
DSW 4AZPV + BESS325250575YesYes
Mountain 4PACPV + BESS260100360YesYes
2025 Candidates, Total1,6621,0702,732

-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
Jan. 2022Jan. 2023Jun. 2023
January 2022 to June 2023, Pipeline Change
CAISOAZPACSCPPA/LANVEMTN WestHIISONESPPMISOPJMERCOTOther
37
Development Plan
Total Pipeline Growth
12.9GW
17.8GW
+38%
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28.5GW
+60%

-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
202320242025202620272028
Pipeline Breakdown by Project Total MW and FNTP Year
+
38
Development Plan
Pipeline Breakdown by Year (GW)
Weaver
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1.1GW
2 Projects
2.3GW
10 Projects
7.3GW
16 Projects
5.4GW
14 Projects
9.2 GW
15 Projects
72 Active Projects
Out to 2028+
3.3GW
15 Projects

39
Development Plan
Origination Big Picture
There continues to be a sustained demand for renewables; Longroad has
increased its opportunity set via an expanded development footprint
•2023 YTD RFP participation exceeds both 2022 and 2021 FY
•2023 PPA opportunities are nearly split evenly between corporates
and utilities; participation across six of Longroad’s nine markets
•Longroad is actively negotiating PPAs and awaiting further RFP
shortlist advancement
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Longroad RFP Participation by Year2023 Longroad RFP Participation by OfftakerType
33
29
39
2021 FY2022 FY2023 YTD
21
18
CorporateUtility

40
Development Plan
Agreement with Black Stone Minerals
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL.
The agreement provides Longroad with exclusive rights to several
thousand acres of Black Stone Minerals (BSM) assets
•BSM is one of the largest owners
of mineral rights with 20+ million
acres under management
•Relationship established via
successful execution at
Longroad’s Umbriel project
•Will provide avenue for growth
and help de-risk projects already
in Longroad’s existing pipeline
•Multi-year term
Map of BSM’s mineral holdings; Longroad’s agreement with
BSM includes a subset of the portfolio covering 12 states

41
Development Plan
M&A Environment
•12 large platform transactions since Q4 2021
•Significant number of asset level opportunities in market of
varying quality, constraining investors’ bandwidth
•Longroad M&A focus in line with portfolio rebalancing
strategy and/or opportunistic
•~33% of deals completed to date have originated as
acquisitions
•11 of 72 deal pipeline projects have been acquired
•Valtainvestment (2022), anchoring exposure to DG market

42
Weaver
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TopicSpeaker Time
Market Overview and Five-Year Goals Paul Gaynor8:15 –8:30
Operating AssetsMichael Alvarez8:30 –8:45
Understanding The Inflation Reduction Act Ben Miller8:45 –9:15
Execution: Supply Chain and EPCMichael Alvarez9:15 –9:30
Development PlanPaul Gaynor9:30 –9:45
Capital RequirementsPeter Keel9:45 –10:00
Sun Streams Overview Rebecca Kelly10:00 –10:15
Questions10:15 –10:45
Longroad Energy: Infratil Investor Day
Agenda

43
Capital Requirements
Longroad Today (pro forma December 23)
Weaver
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•3.5 GW operating and in-construction on December 31, 2023
̶2.4 GW operating and in-construction today
̶1.1 GW (Sun Streams 4 and Serrano) achieving FNTP in
the balance of the year
•Equity in 3.5 GW fleet fully funded with existing Longroad
capital
•Pipeline positioned to deliver incremental ~6 GW of projects
through 2027

44
Capital Requirements
Capital to Fund 2024-27 Plan (~6 GW)
2024-27 Plan ~6 GW
•~US$8 billion capex
plan
•85% to 90% via tax
equity and debt
financing
•10 –15% funded via
equity
•Evaluating options for
next round of Longroad
equity funding, both
public and private
2024 NTP
Projects
$1.6 B
2025 NTP
Projects
$2.1 B
2026 NTP
Projects
$2.0 B
2027 NTP
Projects
$2.0 B
Uses
Project Tax Equity
Financing
$4.0 B
Project Debt
Financing
$3.1 B
Equity Funding
Requirement
$1.0 B
Sources
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL.

45
Capital Requirements
Raising Capital in New World of IRA
Weaver
US$8 billion capex plan to deliver on Longroad’s development
plan through 2027 and generating US$600+ million of EBITDA
COPYRIGHT © LONGROAD ENERGY HOLDINGS, LLC. STRICTLY CONFIDENTIAL.
•Longroad has raised US$10 billion since inception
•Development plan through 2027 will require ~US$8 billion of incremental capex
investment
•Expect 85-90%, or US$7.0 billion, of capex to be funded via non-recourse project
financings (i.e., tax equity and debt financings);
̶~US$4 billion of the project financings expected to be sourced from tax
equity banks that Longroad has traditionally used (e.g., US Bank and PNC);
tax equity market remains constrained which creates competitive advantage
for experienced developers like Longroad
̶~US$3 billion would be sourced by traditional bank debt (e.g., Keybank, CIT,
HSBC, Morgan Stanley, MUFG, CIBC)
•Remaining US$1.0 billion would be funded via additional Longroad equity,
additional holding company debt or cash distributions from Opco
•IRA offers potential additional tax equity optimizations for refundability,
domestic content adders, energy community adders, and solar PTCs

46
Capital Requirements
Longroad Today vs. ~10 GW (2027)
Weaver
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•Operating fleet growing from 3.5 GW today to 10 GW in 2027
•EBITDA increases from US$200 million to US$600 million on a
run-rate basis
•~6 GW of new projects requires ~US$8 billion of new capital
̶US$7 billion funded by project level term debt and tax equity
̶US$1 billion of equity funding required; could be funded via
incremental Longroad equity, additional holding company
debt and operating company distributions
•Assets on balance sheet grow from ~US$4 billion today to
~US$12 billion in 2027

47
Weaver
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TopicSpeaker Time
Market Overview and Five-Year Goals Paul Gaynor8:15 –8:30
Operating AssetsMichael Alvarez8:30 –8:45
Understanding The Inflation Reduction Act Ben Miller8:45 –9:15
Execution: Supply Chain and EPCMichael Alvarez9:15 –9:30
Development PlanPaul Gaynor9:30 –9:45
Capital RequirementsPeter Keel9:45 –10:00
Sun Streams Overview Rebecca Kelly10:00 –10:15
Questions10:15 –10:45
Longroad Energy: Infratil Investor Day
Agenda

48
Weaver
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Sun Streams Overview
Sun Streams Overview
•Sun Streams are located at a
major transmission hub
associated with Palo Verde, the
largest nuclear plant in the U.S.
•Longroad has 20-year contracts
with Phoenix-based utility Arizona
Public Service for offtake of
energy and capacity from 515 MW
solar and 2 GW BESS at Sun
Streams
•Post-PPA term the projects can
sell into other markets including
California because of their unique
location on the grid

49
Sun Streams Overview
Operational Highlights
Weaver
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PV MW# panels
Annual
generation
(MWh)
# pilesBESS MW
BESS MWh
(nameplate)
BESS MWh
(installed)
# BESS
Cells
Acres
SS2199452,790465,35970,024----1,388
SS3285606,492656,25987,5202158601,3081,340,6402,172
SS4377793,404887,238114,9153001,2001,7411,784,1603,140
Confidential111224,798123,00032,559 85340493505,512841
TOTAL9722,077,4842,131,856305,0186002,4003,5423,630,3127,541
•The projects will generate enough electricity to power over 200,000 U.S.
homes; in order togenerate this much electricity, a coal plant would
consume 775 million pounds (350 million kg) of coal
•Over 1,000 jobs to support construction
•These projects will provide over US$100 million to Arizona schools via
leases for land owned by the state

50
Sun Streams Overview
Tour Overview: 4 Stops
Weaver
•SS2: solar arrays at operational project
•SS3 north: solar arrays under construction
adjacent to Palo Verde nuclear plant
•SS3 BESS yard and Chukar substation: battery
storage area next to 500 kV step-up substation
shared by Sun Streams projects
•SS4: preliminary construction activities
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51
Sun Streams Overview
BESS 101
Weaver
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Module
Rack
Container (DC
Package)
Cell
Inverter
Control
Transformer
Full BESS System

Longroad Energy: Infratil Investor Presentation
Phoenix, Arizona
12 September 2023

---

Infratil Update September 2023
US Renewables Market and Illustrative Valuation Guidance

Industry
Dynamics
Our outlook on
the US renewable
industry remains
highly positive,
with significant
tailwinds present
despite a
challenging
macroeconomic
environment and
prolonged period
of uncertainty
•Significant and growing total addressable market with global investment in renewables
reaching ~US$500 billion in 2022, with the U.S. forecasted to be the second-largest market in
the world for renewables investment. Solar and wind are the leading technologies with global
investment levels of ~US$300 billion and ~US$175 billion in 2022, respectively
1
•Due to the strong uptick in global supply and demand, as well as the modernisation of grid
infrastructure for increased capacity and reliability, global new grid investment is projected to
grow from ~US$275 billion in 2022 to over ~US$300 billion in 2023
1
•Like most other industries, the renewables industry has been impacted by adverse
macroeconomic conditions including higher inflation, higher interest rates, and supply chain
constraints – which have led to increased financing costs, increased capex, as well as increased
lead times on certain high-demand components (e.g., modules and batter y cells)
•Despite this, renewables as an asset class have been highly resilient (e.g., national blended PPA
prices (solar and wind) have seen increases in 2022 in line with higher financing and capex
costs), and renewables are still estimated to provide the lowest levelized cost of energy
1
•Regulator y tailwinds have also mitigated against an uncertain and challenging macroeconomic
environment, with the Inflation Reduction Act (IRA) providing unprecedented, long-term policy
support for the U.S. energy transition
•In addition to tariffs and trade restrictions that have been imposed on international supply
chains, the U.S. has strongly reinforced the need to increase onshore manufacturing
capabilities – which has been bolstered further by the IRA
•Following two record years in the renewables M&A and capital markets environment, utility-
scale renewable platform M&A has since slowed down in this uncertain environment
2
1
Source: Bloomberg New Energy Finance (BNEF)

Comparable Companies

Competitive
Landscape
Similar large-scale
private
competitors have
also raised capital
over the last two
years to increase
scale, pursue
M&A, and execute
on their near-term
business plans
4
Source: Based on public information and estimates, compiled by a third-party, and may not represent the most current / up-to-date information.
1
Due to limited availability of public information
relating to storage pipelines in particular, these amounts may not be fully reflected in some of Longroad’s selected peers above
Comparison of Longroad Against its Private Peers of Similar Scale
•Similarly large growth-oriented private renewables companies include Apex Clean Energy, ConnectGen,
Cypress Creek Renewables, and D. E. Shaw Renewable Investments (DESRI)
•Many of these competitors have also raised capital over the last two years to increase scale, pursue M&A,
and execute on their near-term business plans, with some rumoured to currently be in the market
Includes solar, wind,
and storage
1
Operating & under
construction assets
2,400400400>2,0004,400>2,0003,000
Development assets
1
28,50039,10024,3008,30021,50012,40025,800
Total portfolio
assets (MW)
30,900>39,500>24,000>10,000>25,000>15,000> 27,500
Footprint (States)>2022121411239
Team Size (#)~170~260~45~320~200~260~100
Recent
Transaction(s)
•$300m
minority
investment
from MEAG
and $100m
each from IFT
and NZ Super
in Aug-22
•Acquisition of
majority
stake in Oct-
21 by Ares
Management
•Rumoured
ongoing
portfolio sell-
dow n
•Rumoured
ongoing sale
of operating
assets
(pivoting
aw ay from
ongoing full
sales process)
•Acquired by
EQT in Jul-21
•Rumoured
ongoing
potential
capital raise /
sale
•$500m equity
investment
announced in
Jun-22 from
Generate
Capital
•$600m equity
investment in
Mar-22 led
by funds
managed by
Ares
Management

NTM EV / EBITDA
1
Operating +
development
pipeline MW
2
Operating
Capacity as a
% of Total
3
Avg. Annual
Installation
(MW)
4
Annual
Development
Target (MW)
5
IPP
75,70019.4%3,9006,500
160,30016.2%1,7502,300
93,20016.3%9005,700
13,60031.1%300900
23,30030.1%1,0001,500
134,40015.2%1,6003,700
YiledCo
5,60038.9%200N/A
40,50025.3%1,0001,750
9,300N/A1,0004,750
30,9007.7%
1,275 (2022
Actual)
1,500
Broad Public
Comparables
An available set
of publicly
comparable
companies for
Longroad is
limited. Factors to
consider are
scale, operating
asset base, size
of development
platform, and
technology mix,
amongst others
5
Source: Based on public information, FactSet, and Wall Street research as at August 2023, compiled by a third-party.
1
Reflects median of broker research estimates;
2
Includes operating, under
construction, and pipeline;
3
Reflects operating and under construction MW divided by total platform MW;
4
Reflects 2019A - 2023E average annual capacity added to the operating or late-stage
(FNTP) pipeline, includes M&A;
5
Reflects company’s guidance annual development targets / additions to capacity;
6
Represents renewables capacity only;
7
Represents renewables capacity only
11.0x
22.4x
11.2x
11.4x
12.1x
9.5x
9.0x
9.8x
10.0x
6
7
Comparing Longroad Directly to Publicly-Listed Renewables Companies is Challenging
•While public IPPs and YieldCo’s serve as valuable operating benchmarks, Longroad is not directly
comparable due to reasons such as scale or portfolio & technology composition, amongst others
•Longroad’s relative stage of maturity and emphasis towards growth is evidenced in the metrics below;
currently having a much lower proportion of operating assets as a % of total MW, and demonstrating a
strong track record of development growth relative to its peers (noting that peers also include M&A)

US Renewables Illustrative Valuation Guidance

Valuation
Methodology
The primary
valuation
approach for
private and public
renewable
developers is a
Sum-of-the-Parts,
risk-adjusted
Discounted Cash
Flow analysis
Illustrative Sum-of-the-Parts (“SOTP”) Valuation Approach
•The primary valuation approach for private and public renewable developers is a SOTP risk-adjusted
Discounted Cash Flow (“DCF”) analysis, including the operating & under construction assets, pipeline,
and platform (incl. platform and development overheads)
Operating assetsUnder construction
assets
PipelinePlatformOverheadsTotal Value
Operating and under construction
assets
PipelinePlatform and Overheads
Illustrative
Assumptions
•Illustrative post-tax cost of equity of 5.5 -
7.5% for contracted cash flows, and 8 -
12% for merchant cash flows for solar
assets, with discount rate premium of
50bps for wind assets
•Useful life of 30 - 40 years (depending on
technology)
•Key operating assumptions generally
based on third-party reports / inputs
(e.g., generation, merchant curves)
•Discount rate premium of 100 - 500bps
•Similar operating assumptions as
operating & under construction assets
•Day 1 project gearing of ~85% - 90% via
tax equity and debt financing, average
lifetime gearing of ~40 - 60%
•Probability weighting often applied to
pipeline based on year, progress, and
other market dynamics (e.g., supply chain,
political support, connection)
•Platform value of long-term pipeline,
including incremental platform &
development overheads and dry holes
•DCF of 5 - 10 years, plus illustrative
terminal multiple of 10.0x - 15.0x
•Illustrative post-tax cost of equity of 14 -
20% for cash flows / value created
•Illustrative development margin
assumption of US$100 - US$300/kW, and
cadence of 1,000 – 2,000MW p.a.
Key Diligence Areas
•Merchant power pricing / curves
•Construction budgets & contingency, EPC
wrap, permits outstanding
•Weighted average contract life remaining,
gearing & refinancing assumptions,
hedging ratios
•Key operating assumptions (e.g.,
generation, basis / curtailment, useful
lives vs. maintenance / O&M spend,
taxes)
•Annual development target vs. historical
track record, market share, quality & size
of team
•Development economics vs. historical
track record, quality & diversification of
pipeline
•Key pipeline assumptions (e.g., offtake,
construction, interconnection, and
financing arrangements, and political /
market forces)
•Annual development target vs. historical
track record, quality & size of team
•Development economics vs. historical
track record, quality & diversification of
pipeline
•Ability of the business to build scale and
continue to refresh pipeline over time,
ensuring a reasonable share of the market
and considering longer-term sector
tailwinds / headwinds
OpCoDevCo
Note: Graph is representative only and not to scale
7

Simple Desktop
Valuation
If only limited
information is
available, an
illustrative
desktop valuation
can be performed
with reference to
public comps, in
combination with
a widely-adopted
private market
approach
Illustrative Desktop Valuation Approach using Broad Public Comparables
•If only limited information is available, an illustrative desktop valuation approach can be performed
to calculate a SOTP valuation by valuing the OpCo (by using broad public comparables), and the
DevCo (by using a widely-adopted private market approach)
OpCo (operating & under construction assets)DevCo (pipeline, platform value & overheads)
Methodology
Operating & under construction run-rate EBITDA
×
Indicative EV / EBITDA Multiple
Less
Operating & under construction asset-level gearing
Discounted Cash Flow of future development pipeline growth
(annual development target × avg. dev margin)
Less
Discounted Cash Flow of platform and development overheads
Plus
Terminal value
Key inputs•Operating & under construction MW owned
•Operating & under construction run-rate EBITDA, or avg.
run-rate EBITDA/MW for contracted assets
•Indicative EV / EBITDA Multiple for operating assets
•Day 1 and average lifetime gearing
•Annual development target (MW p.a.)
•Average net development margin ($/kW, i.e., $/kW of net
sale proceeds or net value created based on NPV)
•Platform and development overheads, incl. dry holes ($ p.a.)
•Risk-adjusted discount rate (%) and/or terminal value
multiple (x)
Key
considerations
/ Limitations
•Scarcity of directly comparable public companies
•Public comparables & multiples value 100% of business, not
just the OpCo, albeit development is difficult to value in a
public market context (given the challenge of assessing
pipeline quality, and the information gap between public
valuations and private transactions)
•Volatility of public comps & multiples, particularly in rising
interest rate / uncertain macro environments
•Proportion of operating vs. development MWs in the
portfolio, development track record vs. annual development
target (incl. M&A), quality & size of team
•Company- and asset-specific nuances, e.g., tax credits or
project-level debt in cash flows and / or multiples; contract /
offtake structure, useful lives, locations, technologies and
hedging levels for operating assets
•Achievability of annual development target and future
profitability (avg. development margin), quality &
diversification of pipeline
•Demonstrable track record, including the continued ability
to deploy, successfully and profitably execute on M&A,
secure financing, and retain & attract high-quality staff to
deliver platform value and pipeline
•Key industry relationships, incl. access and ability to procure
scarce equipment or land on favourable terms
•Management of the EPC process and ability to manage
project costs and schedules to budgets
•Consideration of the broader M&A environment,
continuation of sentiment towards renewables and platform
value
8

DevCo/Platform
Valuations
A widely-adopted
private market
approach to
valuing the
DevCo / Platform
is a Discounted
Cash Flow
analysis of the
future
development
pipeline growth
(incl. overheads)
9
($m unless otherwise
stated)
Year 1Year 2Year 3Year 4Year 5
Annual development
target (MW p.a.)
1,5001,5001,5001,5001,500
Average development
margin ($/kW)
$200$200$200$200$200
DevCo cash flows / Value
created at FNTP
$300$300$300$300$300
Less: Platform and
development overheads
1
($30)($33)($35)($38)($40)
Net DevCo cash flows /
Value created
$270$267$265$262$260
Plus: Terminal value----$2,600
Total Net DevCo cash
flows / Value created
$270$267$265$262$2,860
Average development margins in the
US range between $100 - $300/kW
Platform and development overheads
assumed to grow at $2.5m p.a.
Terminal value determined using
either a multiple or a cost of equity /
discount rate (10.0x multiple shown
indicatively)
Discounted back to Year 0 at
appropriate discount rate
Illustrative DevCo / Platform Valuation Approach
•A widely-adopted private market approach to valuing the DevCo / Platform is a Discounted Cash Flow
analysis of the future development pipeline growth, less the platform and development overheads
required to execute on that long-term plan, plus a terminal value
•Each input into the calculation should be viewed in the context of the business’ track record (e.g., annual
development target and profitability), position within the market (e.g., market share and key
relationships), and conviction around the team’s ability to execute & continue to retain and attract talent
•An alternative approach to valuing the DevCo / Platform is to apply a development margin and
probability-weighted assumptions to the development pipeline
1
Includes dry holes / project write-offs