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Innovation & Investment Infratil

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Innovation & Investment Infratil Infratil Annual Report 2021 Innovation & Investment 01 Addressing social & environmental challenges The lack of preparation for the covid personal fulfilment, are all challenges with Infratil’s goal is to provide good risk- pandemic resulted in extreme measures to shared consequences. “Privatising profits adjusted returns for shareholders and in protect people and maintain economic and socialising costs” is in focus and is so doing to allocate capital and to equilibrium. Because they were impacting how companies prioritise their manage its activities in recognition of considered necessary to save lives many responsibilities to their owners and to wider responsibilities. It must also be measures crossed established boundaries society and the environment. To be accountable through measurement, of personal freedoms and cost, without successful for its owners a company must reporting, and transparency. causing social backlash (mainly). show that it is positively contributing to its people, to those who use its services, to its Last year will be remembered While covid remains a threat, attention for the speed of change. is now focused on other environmental community and to the environment. Coincidentally environmentalist and social concerns. And fueled by the Especially with climate change, corporate David Attenborough published experience of covid, there is both urgency profits are no solace if global warming to get ahead of the challenges and continues with terrible consequences. a testament reflecting on the willingness to undertake big, if not world since 1937 when he was But anyone who wants to see social and extreme, measures. 11 and what needs to happen environmental challenges met and to reverse the environmental But there are other lessons that should be surmounted, should also want to enlist taken from the covid response. The corporate innovation, investment and degradation he has witnessed. benefits of social unity and shared capability. Companies cannot invest to While environmental harm is responsibility, and the efficiency which only deliver social and environmental undeniably accelerating, he comes from good planning and goods. If they don’t provide a return on also opines that reversing the management (and the cost when financial capital that capital will be harm could happen quickly, with planning and execution are poor). withdrawn, but they must also deliver commitment and good policies. Covid, climate change, species extinction, positive returns on all of financial, human, social dislocation, deprivation and loss of social and natural capital. David Attenborough ‘A Life on Our Planet’ Population. Wilderness. Atmosphere 1937 1954 1960 1978 World population: 2.3 billion Remaining wilderness: 66% Carbon in atmosphere: 280 parts per million Forestation and wilderness can be • The information explosion resulting increased, marine life can be revitalised, from mobile connectivity and emissions can be curtailed, the global ubiquitous devices requires specialist population can be stabilised; in each case data processing and storage facilities by applying rational policies. and telecommunications infrastructure. Delivering ethical goals needs plans • Rising demand for health services is based on sound science and economics, driving the need for efficient and execution that is efficient, effective, technological responses to improve and accountable. All core requirements of outcomes and affordability. successful companies. • The increasing population of elderly Anticipating and preparing for change is people seeking independence, the foundation of how Infratil allocates its community, and care is resulting in capital. increasing demand for retirement • Predicting increasing societal response accommodation with access to to the threat of climate change drove specialist health services. Infratil’s early investment in renewable generation. • Expansion of the Asian middle classes and their increasing ability to travel requires increasing airport capacity. The objective now is to maintain the benefits of connectivity while meeting 2050 emission targets. David Attenborough ‘A Life on Our Planet’ Population. Wilderness. Atmosphere 1989 1997 2011 2020 World population: 7.8 billion Remaining wilderness: 35% Carbon in atmosphere: 415 parts per million 01 Tilt Renewables Infratil has contracted to The original reasons for getting into wind Europe and considers that there are sell its 65.5% shareholding in generation were simply that wind was the investment opportunities in those regions Tilt Renewables (“Tilt”) for lowest-cost form of renewable generation, which offer the prospect of better returns $2,000.2 million. Settlement could be scaled to suit requirements and on the funds released from the Tilt sale. opportunities, offered short development It should be noted that while the is expected to occur later in times, and a lot of renewable generation successful outcome of Infratil’s investment the year following regulatory was going to be required as climate was based on a series of key decisions approvals. change became a motivating concern. starting in 1994, the performance of Tilt’s Infratil’s net investment into Tilt was Given Tilt’s pipeline and the continuing management was crucial. Following $108.2 million. The $1,892.0 million gain likely demand for more renewable the demerger from Trustpower, Deion on sale reflects a series of decisions generation on both sides of the Tasman, Campbell and his team developed a starting in 1994. the reasons to sell are more complex. high performing culture based on strong Through Trustpower and then Tilt, Infratil The key consideration was that the sale values. Their outstanding delivery was an early backer of wind powered price of the Australian assets placed a reflected excellence across the full generation in New Zealand and Australia. large value on Tilt’s development pipeline. life-cycle of each project; early stage All up the two companies invested On a like for like basis (comparing the development, investment analysis and $2,150 million building 1,106MW of Australian and New Zealand asset values) decisions, construction, power sales capacity with annual output of 3,768GWh. the development pipeline attracted a terms, funding, and operations. The largest installation of capacity of any value of approximately $1 billion. For the They created an industry Australasian wind-generation developer. buyers there is a value in that potential, leading platform that delivered including strategic benefits, which Infratil would struggle to match. the great outcome for investors, and Infratil’s highest ever exit Also, Infratil is actively undertaking value. renewables projects in the U.S.A. and Tilt Renewables Doing well. Doing good 1999 2007 2008 2011 2014 Manawatu Manawatu South Australia Otago South Australia 73 metres high Households receiving electricity: 17,000 CO2 reduction per year: 54,000 tonnes 02 Doing Well While Doing Good While all of Tilt’s generation cost Infratil’s long-term shareholder returns of Tilt’s operational wind farms (including the $2,150 million to build, Snowtown 2 18.8% per annum over 27 years have been one sold in 2019) cost $2,150 million to which cost $453 million was sold in 2019. based precisely on creating investment build. In a year of normal wind they are Deducting this sold asset gives a options. They do not reflect buying a expected to generate 3,768GWh of $1,697 million cost to build everything business and selling the same business electricity, sufficient for about 540,000 else which has a $3,238 million value at five years later. The returns have arisen average households. Giving an average the acquisition price (debt and equity). because after its purchase, the business capital cost per household of about This is however a little misleading as a will have invested in expanding its $4,000. significant part of Tilt’s value on sale was capacity and will have built a pipeline of its development pipeline which is not future investment opportunities. Were the same electricity generated by reflected in the historic construction costs. efficient gas-fired power stations it would The value created for Infratil comes from result in emissions of about 1.7 million An Infratil shareholder may look back at both the increased earnings the business the September 2020 $913.7 million value would have generated from investing in its tonnes of CO2 a year (coal-fired generation would produce about twice of Infratil’s Tilt shareholding and wonder if activities and from the potential for future they could have anticipated the increase investment and hence future earnings this amount of CO2). That is about 4% of to $2,000.2 million seven months later. growth. This second part is the option New Zealand’s total CO2 emissions. That would have been difficult, but they value. At current New Zealand emission prices, could have gauged if there was an option gas-fired generation emitting 1.7 million value intrinsic to the asset and factored in tonnes of CO2 would incur an annual cost some anticipation of that value being of about $60 million, giving wind realised, albeit with no certainty of timing. generation an appreciable relative advantage, which will increase if the price of emissions increases. 2014 2018 2021 2021 South Australia Victoria Taranaki Victoria 189 metres high Households receiving electricity: 540,000 CO2 reduction per year: 1,700,000 tonnes 03 The history of Tilt The history of how Tilt came into being 2004-2007 2018 and how Infratil secured its interest is Tilt
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