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DELIVERING WITH ENERGY For personal use only Annual Report 2020 For personal use only Gen Tilt Get It Done /2 Highlights for an energising year /4 Chair and Chief Executive’s Report /7 Our Board /10 Our Executive Team /12 Building our on presence /19 Powered by our people /27 Think safety /31 Better tomorrow's /35 Communities are close to our hearts /39 Corporate governance /47 Financial statements /56 Statutory information /105 Directory /115 For personal use only 1 GEN TILT GET IT DONE We are committed to a renewable future. This year, we’ve shown that the business case for expanding responsibly is stronger than many imagined. As the world grapples with how it can change its energy profile, we’ve proven that the assets we have developed are investor-ready and highly attractive. “I am proud to lead a strong, “Proud to support the “Implementation of Tiaki, our new risk For personal use only capable team, who think outside construction and successful and compliance software, provides the box – developing better delivery of the Dundonnell greater assurance we’re managing ways to approach what we do, Wind Farm project.” obligations and incidents, minimising overcoming challenges and Mark Selvaratnam, threats across our functions and adapting to ‘get it done’.” Assistant Project Engineer providing efficiencies in our reporting.” Cara Layton, Helen Flynn, Stakeholder and Environment Manager Head of Risk and Assurance 2 “It was exciting to be a part of “I’m proud to have helped secure “It's been great to see how all For personal use only such an efficient and committed Tilt Renewables’ first corporate the teams have worked together team and to achieve a great result Power Purchase Agreement onsite at Waipipi Wind Farm to with the sale of Snowtown 2.” with ALDI Foods.” address challenges including James Tume, Chloe Green, the COVID-19 pandemic.” Project Developer Senior Energy Markets Analyst Philip Wong Too, Senior Engineer - Renewables 3 HIGHLIGHTS FOR AN ENERGISING YEAR 1,835GWH A$117.5M A$478M Emissions-free EBITDAF NPAT energy produced IMPROVED SAFETY INCREASED SAFETY FOCUS HAS IMPROVED SAFETY OUTCOMES, 1 LTI* IN 840,000 TRIFR* EVEN WITH INCREASED EXPOSURE WORK HOURS *Lost Time Injury OF 10.2 *Total Recordable Injury Frequency Rate A$1.07B A$541M A$260M Sale of Snowtown 2 Wind Farm The total received by Tilt Proposed return of capital to Renewables as a result of shareholders, to be paid in July 2020 the sale of Snowtown 2 Development pipeline in excess of DIVERSE OPPORTUNITIES IN OUR DEVELOPMENT PIPELINE INCLUDING 469MW STORAGE AND FIRMING TECHNOLOGY In construction 3,000MW STRONG CASH BALANCE NO DEBT REFINANCING DUE THIS YEAR TO FUND NEAR TERM UNTIL NOVEMBER 2023 INVESTMENT OPPORTUNITIES NZ$3.14/SHR NZ$1.48B For personal use only 35% increase in market capitalisation as at 16 May 2020 4 WAIPIPI Wind Farm 133.3MW NEW NZ$277 M 68% Waipipi Wind Farm, to Increases Tilt Renewables’ be completed Q1 2021 New Zealand asset base CAPACITY by 68% 18 month construction period, ~NZ$22M at peak will directly employ cash EBITDAF per year 3FTE Once operational, will directly PEOPLE employ 3 FTE over its 30 year 100 ~NZ$9M and indirectly cash flow after debt expected operational life create 700 jobs servicing per year DUNDONNELL Wind Farm 336MW A$560 M 93% NEW Dundonnell Wind Farm, 93% of production to be completed late 2020 under long term CAPACITY contracts 24 month construction period will directly employ For personal use only ~A$45M cash EBITDAF per year 10FTE Once operational, will directly 200 PEOPLE ~A$20-25M employ 10 FTE over its 30 year and indirectly cash flow after debt expected operational life create 1,500 jobs servicing per year 5 For personal use only 6 At Dundonnell, the project progressed such that the transmission line, three main transformers and most civil DELIVERING and electrical construction activities were completed by the end of March 2020. Dundonnell now has more than 68 turbines erected, 58 of these have been energised RESULTS and 27 are operating, allowing the first of three key grid connection performance tests to be undertaken. Commissioning of this wind farm is anticipated to be completed late in 2020. At Waipipi, the first foundation was poured in January CHAIR & CHIEF EXECUTIVE REPORT 2020. One third of the foundations have now been completed and work at the site is back on track following We are pleased to present the Annual Report for 2020. the COVID-19 related 5-week suspension of construction If last year was our formative year, it is appropriate to during March and April 2020. The first turbine components describe 2020 as a year of delivery for Tilt Renewables. arrived into port in New Plymouth in May and have been arriving at site. First energy is planned for late in 2020, with This year was underpinned by several industry leading final completion in the first quarter of 2021. The investment transactions, including reaching financial close on the in Waipipi was able to be funded from solid operating Waipipi Wind Farm, thus adding that construction cashflows, supported by a competitive project debt facility, project to the Dundonnell Wind Farm which commenced without the need for additional shareholder equity. construction last year. With more than A$800m being invested and 469MW of new generation scheduled to With the addition of the ALDI off-take agreement in be commissioned over the next financial year, we are April 2020 to those already in place with the Victorian progressing well against our growth agenda. We also Government (via the VRET scheme) and Snowy Hydro, advanced several other attractive investment options 93% of the production from Dundonnell Wind Farm is from our development pipeline. now under long term contract. When added to the 100%, 20-year off-take agreement with Genesis Energy for the With this growth confirmed and underway, we made production from Waipipi Wind Farm, around 85% of our the most of favourable market conditions to undertake a total portfolio electricity production will be sold under long strategic review of the Snowtown 2 Wind Farm. This review term agreements, once the new projects are complete. resulted in that asset being sold in a A$1.07b transaction, delivering significant shareholder value and proving the This, combined with our significant cash balance, attractiveness of high-quality assets with long term provides a solid portfolio profile allowing some flexibility revenue certainty. for future investment decisions and potentially enabling our best projects to proceed with higher levels of Continuous improvement in the core business was also a uncontracted revenue. focus this year and included deployment of an auto-bidding tool to help our real-time response to the Australian Snowtown 2 Wind Farm energy market, commissioning of our new environmental At 270MW, Snowtown 2 Wind Farm which was developed, compliance and risk management system, improving constructed, and operated by Tilt Renewables, is one of health and safety management capability, and welcoming the largest wind farms in Australia. When we decided to additional people to increase capacity in key development undertake a strategic review of the asset, including seeking and engineering areas. expressions of interest for its potential sale, it was the Continuing our leading role in the transition to a lower largest wind farm ever offered to the Australian market carbon future, we also received planning approval for the (in one transaction). This fact, along with the operational Palmer Wind Farm in South Australia and commenced performance history, proven over 5 years under Tilt the preliminary work for repowering the Tararua 1 Wind Renewables ownership, combined with the attractive long Farm. That asset has now been in commercial operations term off-take structure, resulted in the asset being highly for more than 20 years, its original design life. It is still attractive to infrastructure investors. performing well, but we want to make sure we can continue Prior to the sale, a new A$483 project debt facility was to use this outstanding wind site into the future. established, resulting in A$87m in cash returning to the Our collection of late stage development options is company. Combined with the net sale proceeds of A$455m, diverse in terms of technology, scale and location. This this meant we released A$541m of capital as part of the development pipeline is core to realising our strategy and transaction. This new debt facility was transferred to the more than 50% of our team are focused on advancing the purchaser as part of the sale and part of the sale proceeds pipeline and seeking opportunities to move projects to were used to retire an additional A$64m of debt which was For personal use only financial close and into the operating portfolio. due to mature in October 2020. Dundonnell and Waipipi Wind Farms The company is now well placed, with all funding secured for the Waipipi and Dundonnell construction projects and Both construction projects have proceeded roughly to more than sufficient unrestricted cash available to fund plan during the year. Interestingly, both projects will also the equity required for our near term growth opportunities. result in the largest rotor diameter wind turbines ever In light of the current global challenges, this is a very installed in Australia and New Zealand. By maintaining comfortable position. flexible planning approvals and selecting the best available technology at the time, Tilt Renewables can offer the market competitively priced electricity and secure long term off-take agreements. 7 Financial results The COVID-19 pandemic has delayed progress in many areas, however the overarching sentiment remains targeted The operational assets performed well and benefited from on adapting to a higher renewables penetration.
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