Solar Development Presentation

23 October 2024
Presenters:
Malcolm Johns Chief Executive
Craig Brown GM Asset Development
Emma Oettli Interim CFO
Edward Hyde CTTO
Genesis Solar
Development

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3.

3.

Gen35: 8 by ‘28
Solar
Battery Energy Storage
System (BESS)
Biomass
Gas Storage
Up to 500MW of solar
developed and operational
Electrification
100MW/200MWh BESS
operational at Huntly
Genesis Operating
Expenses
63MWp under construction, 127MWp site secured. Over 500MW of
opportunities under consideration. First solar generation in H1 FY25.
FID made for New Zealand’s lowest cost BESS. Commercial operation
in Q1 FY27.
Fibre market review complete. Considering production options and
economics, engaging with potential suppliers
Secured exclusive right to negotiate for up to 10 PJ of storage at Tariki.
Site could be operational in 2026.
Genesis currently has 8% of EV customers. Plan to improve product
offerings and expand services.
Developing software and expertise for building customer flexibility.
Ecotricity extending distributed solar and battery into scaled VPP.
Solar, Batteries and Gas Storage Deliver Portfolio Benefits
300 kt of biomass delivered to
Huntly
Gas storage sufficient for
seasonal operation of Huntly
30% of EV owners Genesis
Customers
Group Operating Expenditure
< $361m
Billing and CRM re-
platform
Full implementation across
Genesis and Frank
Customer Flexibility
150MW of Customer Flexibility
Design and build complete for Frank brand release. Tracking to a late
FY25 go live, and Genesis brands by end of FY27.
New retail operating model launched, 130 FTE reduction. Increased
expenditure focused to strategic goals and time-bound digital projects.
FY28 Goal
Status

Compounding Investments to Transform the Portfolio
•Genesis plans to develop up to 500MW of
grid-scale solar throughout New Zealand.
•Solar provides low-cost renewable energy
during daytime and primarily within the
summer months.
•The portfolio benefits of solar can be further
enhanced alongside other FY28 initiatives.
•100MW of BESS – can firm solar
position throughout the day.
•10 PJ of gas storage – enables
seasonal and gas shaping. Gas
preserved for winter.
•The combination enables additional sales of
thermal-backed firming to the market.
•Pipeline of further solar opportunities,
including 127MWp DC Edgecumbe.
MW
Unit 5 + 6Hydro/PPARankineDemand
Existing Portfolio
Future Portfolio (FY28)
Rankine Units
provide back-up
to portfolio and
market
Moderate
seasonal gas flex
Rankine Units
more available to
the market
Gas Storage
enables seasonal
gas flex
Illustrative view of potential Genesis portfolio over the summer months.
MW
SolarUnit 5 + 6Hydro/PPARankineDemandBattery
Batteries firm
generation &
arbitrage market

The Lauriston Solar Farm
ItemQuantity
MW Capacity63 MWp DC
47 MW AC
Annual Energyc. 100 GWh
Land Areac. 94 Ha
Piles16,500
Panel 695W58,806
Panel 700W32,076
Smart Transformer
Station
8 - (6.6MW)
String Inverter168
Construction Costs
1
$104m
Three feeders to the
EA Networks (Grid)
at
22kV AC
•Lauriston Solar Farm (LSF) is New Zealand’s first non-recourse project-
financed, EPC wrapped, grid-scale solar farm, and Genesis’ first major
development since 2007.
•FID reached in December 2023. First generation expected 12 months
later in December 2024. On-track to be delivered within budget.
•The plant directly connects to EA Networks. The generation profile
correlates with local demand due to high irrigation load.
•Three feeders from the solar farm to the network provide resilience for
the electrical connection.
•Prudent long-lead item procurement has paid off for project schedule.
28 Solar Panels make
up
a string.
21 strings feed into an
inverter.
Panels 700W/695W
@1200vDC
8 STS connect into
Lauriston Solar Farm
switch room
47.2MW total
output
22kV AC
21 Inverters feed
into a Smart
Transformer Station
(STS)
800vAC up to 22kV
AC
@6.6MW
Inverter converts DC
power to AC
1200v DC in
800v AC out
1. Construction Costs include EPC construction, connections,
finance and leases through construction, and other costs.

Engineer, Procure, Construct (EPC) Contract Model
Project SPV with FRV as Construction Manager
GHD (Owners Engineer)Full Wrap - EPCE.A.N
Beon
EngineeringProcurementConstruction
InternalPilesInternal
PanelsSubcontract
Inverters

Disclaimer

Multiple Options to Fund and Develop Assets
100% Offtake
Offtake
Agreement
Independent
Renewable
Generator
On Balance Sheet
Asset
Owner
Off Balance Sheet
Fund the SPV
(project finance)
Lenders
SPV
Equity providers
JV Partner/s
(Equity
Provider)
•Genesis holds a minority non-controlling interest in a
Special Purpose Vehiclein which the generation asset sits.
•SPV funded through Project Financing.
•Highly geared and utilises cheaper debt financing.
•Genesis purchases generation through offtake agreement
at below long-run pricing expectation.
•Sits off balance sheet and is equity accounted; no impact
on debt/EBITDAF metrics.
Asset
Owner
Asset
Asset
Asset
Asset
Owner
Offtake
Agreement
•Genesis builds and owns generation asset funded by
capital.
•Target IRR for investments above risk-adjusted internal
return metric.
•Asset sits on balance sheet and funding impacts debt
metrics. Genesis will have full "control" of the asset.
•Fastest route to market due to structure simplicity.
•Offtakes provide long-term renewable electricity supply
without capital investment.
•Genesis will not directly be exposed to any design,
construction, or operational risks.
•Genesis does not own the asset and therefore does not
impact debt.
•Genesis is in a strong position to negotiate PPAs due to
credit rating and retail position.

Technology Driving a Lower Cost Business
Why are we doing this?
•An important driver of a new lower-cost and scalable
retail operating model through modernisation,
simplification and automation of core retail business
operations.
What are the benefits?
•A next generation platform ensuring a stable and
secure environment with a competitive cost base.
•On track to deliver key operating cost reduction
benefits through automation and process efficiencies.
How are we progressing?
•The build for the first release for the Frank brand is
complete with the solution in the system test phases.
•Tracking to a late FY25 go-live for Frank, and for the
Genesis brands by the end of FY27.
•Frankhas over 55% of the total solution functionality
for the remaining Genesis releases.
•Simplify
processes and
operating model
•Modern billing
and customer
relationship
management
•Leverage the new
capabilities
Simplify
FY24-25
Re-platform
FY25-27
Accelerate
FY28+
Releases
Phase
Platform design, build
and testing
Frank
Design, build and
testing
Genesis
•Re-platforming is underway on the Gentrack and
Salesforce g2.0 solution.
•The delivery is phased across the Frank and
Genesis brands
Billing and Customer Relationship Management (CRM) re-platform