Infratil commits to development of renewables in Asia

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


10 September 2021
Infratil commits to development of renewables in Asia
Infratil Limited today announced it is committing US$233m to establish Gurīn Energy, a renewable
energy development platform headquartered in Singapore which will focus on greenfield renewable
projects across Asia.
Infratil CEO Jason Boyes said Asia presents a significant opportunity for Infratil to enter markets
which are following a ‘transition to renewables’ roadmap laid out by Europe and North America a
decade earlier.
“Decarbonisation is essential to combat climate change and renewables is one of the single largest
investment opportunities in history with over US$4 trillion of investment in wind and solar assets
forecast over the next decade.
“Markets across Asian are characterised by combined tailwinds of demand growth, a growing
commitment at national levels to decarbonisation, an increasing desire to reduce dependency on
imported fuels, and to build self-sufficiency and security of supply.
“The breadth of the Asian market allows us to diversify our risk profile, both from geographic and
technology perspectives. Together with our US, European and New Zealand platforms, our
investment in Gurīn Energy demonstrates our global commitment to sustainability and climate change
and extends our ability to manufacture quality renewable energy assets to Asia. As we have seen
with Tilt Renewables and in North America and Europe, investor demand for these sorts of assets is
only increasing.”
Mr Boyes said this is the 4
th
such platform Infratil has established to cover global growth of the sector.
Infratil will own the business in partnership with the management team of Gurīn Energy. Infratil has
committed US$233m for development. US$100m of that commitment is in the form of support for
letters of credit to be provided by 3
rd
party financiers for projects.
Gurīn Energy will invest in the development of wind and solar PV energy projects and storage
solutions across Asia, including Southeast Asia, North Asia and India. Gurīn Energy is rapidly
progressing an initial pipeline of projects of 500 MW at various stages of development in the
Philippines, Vietnam, Thailand, Indonesia and Japan.
Gurīn Energy will be led by Assaad W. Razzouk as CEO. Mr Razzouk is a recognized leader in the
Asian renewable energy market where he has a long-standing track record. He brings a well-
established team from Sindicatum Renewable Energy Company in Singapore, which he led for over a
decade during which they developed, built, financed, operated and sold renewable energy projects
across the region. Together with his senior leadership team, they have developed over 5GW of
energy assets.
Mr Razzouk said he sees a large and accelerating opportunity in the region.
“We are delighted to partner with Infratil to do our part in powering Asia with clean energy. Infratil’s
track record of establishing successful renewable energy platforms in Australia (Tilt Renewables), the
United States (Longroad Energy) and Europe (Galileo Green Energy) is unmatched and provides
immense synergies, best-practice know-how and learning opportunities for Gurīn Energy, our people
and our region.”

2
“Asia represents an exciting, growing renewable energy market, characterised by both a growing
demand for electricity and increasing national commitments to decarbonisation” said Vimal Vallabh,
Head of Energy at Morrison & Co, Infratil’s manager.
“Infratil’s establishment of Gurīn Energy combines regional and local knowledge with Infratil’s sector
expertise, capital and global reach. Infratil is teaming up with an experienced management team who
are passionate about sustainability and have the expertise to build a significant renewables
development platform.”
Mr Boyes said, “I am very pleased to welcome Assaad and his team to the Group. It was essential to
partner with an experienced team, on the ground in the Asia region, as we have when extending into
other new geographies. We found that with the Gurīn Energy team. Their track record and
experience in the sector and region sit nicely alongside our renewable development teams globally.”
Any enquiries should be directed to:
Mark Flesher, Investor Relations, Infratil Limited Mark.Flesher@hrlmorrison.com

About Assaad W. Razzouk - Gurin’s CEO
Assaad W. Razzouk is a Lebanese-British clean energy entrepreneur.
He is a director of the Reneum Institute, which is a not-for-profit focused on digitising and
democratising renewable energy; a Board member of ClientEarth, the environmental charity using the
power of the law to protect people and planet; an Advisory Board member of Eco-Business, a pan-
Asia media organisation; a Board member of EB Impact, a Singaporean non-profit organisation
focused on delivering training and programmes to Asia Pacific’s under-served communities to
generate positive sustainable development; a member of the International Council of the National
University of Singapore Yong Loo Lin School of Medicine; and host of The Angry Clean Energy Guy
podcast.
He was formerly Chairman and CEO of Sindicatum Renewable Energy, a clean energy company
headquartered in Singapore and focused on renewable energy in Asia.
He is a graduate of Syracuse University (summa cum laude) and holds an MBA from Columbia
University in New York and a Doctor of Philosophy (Ph.D.) Honoris Causa in Climate Change,
Sustainable Development and International Cooperation from Teri University in India.

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Establishment of
Infratil Investor Presentation
10 September 2021

InfratilFull year results presentation 2021
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Disclaimer

InfratilFull year results presentation 2021
Transaction
summary
•Infratil has made a capital commitment of US$233 million (NZ$331 million) to establish GurinEnergy,
a pan Asian renewable energy development platform
•Gurin Energy will at heart be a greenfield developer, but will invest in projects at all stages of the lifecycle,
up to and including operating assets, where there is a differentiated return to be made
•In line with Longroad Energy and Galileo Green Energy, this flexible approach to the deployment of
capital, along with diversity of both geography and technology, differentiate Gurin Energy from more
established competitors in the region
•Infratil will be investing alongside Management (5%) and expects to deploy US$70 million (NZ$100 million)
in year one on selected seed assets and development activity
•Gurin Energy represents a compelling strategic growth opportunity for Infratil shareholders:
✓Day 1 lift out of existing team with deep experience in renewable and financial markets across Asia
✓Local presence in key markets to manage political, planning and environmental, social and governance
(‘ESG’) risks
✓Target markets characterised by both demand growth and increasing emphasis on decarbonisation,
including the reduction in heavy coal and imported gas dependency
✓Emerging market risks balanced with exposure to mature, OECD North Asian markets
Governance
•Equity of US$133 million (NZ$189 million)(95%) will be provided by Infratil with the balance reserved for
Management, financed by a loan from Infratil. The additional US$100 million (NZ$142 million) commitment
is in the form of support for letters of credit provided by 3rd party banks
•Management options allows an increased equity stake of up to 10% to further improve alignment
•Management incentive mechanisms pay out only when assets are monetised above profitability hurdle
rates
Funding
•An initial capital call of US$2.0 million has been made to mobilise the platform
•First 12 months’ capital commitment forecast of US$70 million (NZ$100 million), covering the acquisition
and development of selected seed assets and early stageprojects in Vietnam, the Philippines and Japan
3
Transaction
Summary
Infratil has made
a capital
commitment of
US$233 million
to establish Gurin
Energy, a pan
Asian renewable
energy
development
platform

InfratilFull year results presentation 20214
This is an idea
that matters
An Asian
development platform
Market entry
roll-out
•Decarbonisation is essential to combat
climate change
•Renewables is one of the single largest
investment opportunities in history with
over US$4 trillion of investment in wind
and solar assets forecast over the next
decade
•Infratil’sglobal exposure to
development diversifies risks on policy
and market timing; adding Asia further
diversifies between demand growth
and transition drivers
•Our existing platforms alongside
GurinEnergy address a forecasted
development opportunity of
~1,300GWs across the next decade,
83% of the total global outlook
(excluding China)
•Asian markets are characterised by
combined tailwinds of demand growth,
a growing commitment at national
levels to decarbonisation, an increasing
desire to reduce dependency on
imported fuels, and to build self
sufficiency and security of supply
•Growing demand for de-risked
operating assets places platforms with
strong, local operational greenfield
development capabilities at a premium
•Large international oil & gas players are
seeking to offset their carbon footprint
from exploration & production and
thermal generation fleets by competing
with strategic financial players for North
American and European Renewable
assets, further tightening those markets
•Augment the strong historical presence
of the Management team in the key
emerging Southeast Asian (‘SEA’)
markets (the Philippines, Thailand,
Indonesia and Vietnam) with a strategy
to deliver projects in lower risk OECD
North Asian markets (initially Japan, but
also Taiwan and South Korea)
•Leverage long standing relationships in
the large Indian market
•Initial focus on solar PV and onshore
wind, integrating storage wherever
contractual revenue streams offer
strong returns
•Enter growing North Asian off-shore
wind market where commercially viable
Investment
Thesis
Asia presents an
opportunity for
Infratil to enter
markets which
are following the
‘transition to
renewables’
roadmap laid out
by Europe and
North America a
decade earlier
4

InfratilFull year results presentation 20215
Snapshot
Asia remains
consistent with
our strategy of
diversified
regional
development
platforms,
offering both
inter and intra
regional risk
diversification
Overview
•GurinEnergy is a Singapore-headquartered, pan Asian platform
with three distinct areas of focus:
•the developing SE Asian market (initially Philippines, Vietnam,
Indonesia & Thailand);
•the more mature, industrialised North Asian market
(Japan, Taiwan & South Korea); and
•the large and complex Indian market
•The business will utilise an extensive network of small local
developers to enter co-development agreements, enabling the
business to maximise reach across multiple geographies, while
simultaneously minimising overheads
•In order to deliver differentiated returns, the platform will focus
on detailed bottom up development of greenfield assets,
requiring strong local teams and partners, benefitting from the
wall of capital focussed on late stage and operating assets
•AssaadRazzouk(CEO), with Michael Boardman as his CFO and
Bob Driscoll as COO, will lead a well-established team of around
30
•An annual overhead of US$5-7 million is projected to sustain a
steady state run rate of 300MW of FID projects per annum
•The platform has a pipeline of over 2GW in solar and wind
projects in the SE Asian market and Japan, of which 600MW are
near term opportunities and 450MW are immediately investable
as seed assets
Southeast Asia
Three Pillared Asian Strategy
India
North Asia

InfratilFull year results presentation 2021
Highly qualified on-the-ground teams5GW track record in the region in previous and current roles
⚫Co-founded SindicatumGroup and is responsible for overall strategy,
stakeholder relationships and project investments
⚫Assaadhas over 30 years of business experience, working in Asia for
nearly 20 years. He has been actively involved in renewables and
climate mitigation for over 15 years
AssaadRazzouk
Chief Executive Officer
6
Robert E. Driscoll
Chief Operating Officer
Michael Boardman
Chief Financial Officer
⚫Over 40 years of business
experience including 25
years in the Asian power
sector. Prior to Sindicatum
Group, COO of Mirant Mid-
Atlantic
⚫A chartered accountant with
over 30 years of experience
in finance and global capital
markets, raising over
US$30bn for corporate and
government entities
Michelle O’Hare
MD, Thailand
Devin Narang
MD, India
⚫Over 25 years of experience
working in the renewable
energy space both in the
UK and in Southeast Asia,
in 2009established
Sindicatum’soperations in
Thailand
⚫Over 35 years of experience
in the beverage and
renewables sectors in India,
currently Executive
Committee member of the
Federation of Indian
Chambers of Commerce
Kajal Singh
Director, Operations & Construction
⚫Lawyer by background with
over 15 years negotiating
and closing transactions
RedenRodriguez
Country Director, The Philippines
⚫20 years of renewables
experience, formerly head
of Engie’s renewables
business in PH and country
director for First Solar in
IDN and PH
A Strong,
Diverse Team
We have selected
a strong team
with substantial
relevant
experience and
solid ESG
credentials, most
of whom have
worked together
in the region for a
decade
Philippe Lazerges
Country Director, Japan
⚫Over 12 years of renewable
energy experience in Japan,
in addition to 20 years
business experiences in
Automotive, Aerospace and
medical devices in Japan
and the US
Jack Crane
Country Director, Vietnam
⚫15 years leading
Development and Finance
transaction teams, spanning
the global Power, Utilities
and industrial energy infra
value chain and 10 years
experience in operations
consulting and analytics
Jakarta
8 executives
⚫Operations & development: 8
2 staff
⚫Operations & development: 2
1 staff
⚫Operations & development: 1
4 staff
⚫Operations & development: 2
⚫Others: 2
Delhi
Singapore
Manilla
Bangkok
Ho Chi
Minh City
14 staff
⚫Execs & development: 7
⚫Finance: 6
⚫Others: 1
Tokyo

InfratilFull year results presentation 2021
PLG
(20MW)
Alex 1
(24MW)
Chilwaria
(38MW)
Simbhaoli
(60MW)
Developed
Acquired
Legend:
Clark
(22MW)
SSEG
(15MW)
SSE
(5MW)
Kamphaeng Saen1
(16MW)
Crane (4MW)
USUPL
(35MW)
Tarlac
(60MW)
Alex 2
(12MW)
Renewables track record
DevelopedLegend:Consulting
Milestone
Biomass
Duerping
Coal Mine Methane
Malan
CMM
Mianyang
WtE
Charleston
WtE
Greenbrier
WtE
PT Biogas
Biomass
GeliBridge
Hydropower
McElroy
Ventilation Air Methane
VAM
Ventilation Air Methane
Tunlan
CMM
GTL
Agricultural solutions
Carbon mitigation track record
•Starting work together in 2008, the team initially focused on
developing projects which abated greenhouse gases and
generated carbon credits
•They developed, constructed and operated over
30 renewable energy and carbon mitigation projects
•The carbon mitigation portfolio has generated over
30 million emission reduction credits (equivalent to
London’s annual CO
2
emissions)
•In 2013-14, the team pivoted to renewables following the
crash in environment commodity prices
•Prior to the creation of GurinEnergy, the team had a
portfolio of 713MW of renewable projects across India,
Indonesia, Thailand and The Philippines
•The management team has a documented track record of
project development, construction, and operation
A Proven
Track Record
The senior team
has been
operating in the
region for over a
decade as
Sindicatum
Renewable
Energy
7

A Global Renewables Platform

InfratilInvestor Day –16 February 2021
A Global Renewables Footprint
Infratilis one of the pioneers in renewables investment
9
•Established February 2020
•Wind, Solar & Storage
•2GW development pipeline
•16 employees
•Acquired April 1994
•Hydro Generation & Retail
•487MW operating Assets
•790 employees
•NZ$2.5 billion market cap (100%)
•Established October 2016
•Wind, Solar & Storage
•836MW operating assets
•~4,500MW development pipeline
•NZ$3.1 billion market cap (100%)
•Sale recently closedat 28x EV/EBITDA
•Established October 2016
•Wind, Solar & Storage
•Developed 2.0GW
•Acquired 0.9GW
•Sold 1.3GW
•Leaving 1.6GW owned
•3.5GW operating assets under management
•7.5GW development pipeline
•140 employees
•Established July 2021
•Wind, Solar & Storage
•600MW development pipeline
•29 employees

InfratilFull year results presentation 2021
Sun Stream 2 Solar Project
•In July, Longroadannounced the completion and funding of the
term financing for Sun Streams 2, its 200MW solar project located
in Maricopa County, Arizona. Longroadowns 100 percent of the
project after acquiring it in early 2021 from First Solar, the
original developer
•Sun Stream 2 has a 20-year revenue agreement with Microsoft
Corporation for the energy, RECs, and capacity of the full project
•Sun Stream 2 is one of four Maricopa County-based projects that
Longroadacquired from First Solar. The PV and storage portfolio
totals approximately 900MW with the potential for 1-2GWh of
battery storage. Sun Streams 3, 4, and 5 are development
projects with target operational dates between 2023 and 2025
Maine Distributed Generation Portfolio
•In August, Longroadcompleted the financing and began
construction of four distributed solar projects in Maine. The
projects, which have been under development by Longroadfor
over two years, are expected to take about six months to
complete with the start of operations expected by the end of
2021
•Longroadowns 100 percent of each project
Construction completed on the 331MW Prospero 2 Solar Project
•In August, Longroadcompleted construction of, and placed into
commercial operation, the 331MW Prospero 2 Solar Project
•The project is 100% owned by LongroadEnergy and has two
15-year power purchase agreements in place
10
Longroad
Energy
Longroad
continues to
strengthen its
position as a
leading U.S.
renewables
developer, owner
& operator
Sun Streams Solar Project, Arizona
Prospero Solar Project, Texas

InfratilFull year results presentation 202111
•Ireland, GGE formed a joint venture with EMP, which is participating in a number of offtake bids with
global tech companies as it finalises planning submissions for three of its wind projects, which total
370MWs
•Nordics, another joint venture with the EMP team, is identifying more potentially attractive wind sites in
Sweden, Scotland and starting origination of projects in Wales. Hiring for this joint venture is progressed
with six people now on board
•Italy, current solar PV and wind onshore Italian projects within GGE's pipeline amount to 261MW,
originated via co-development arrangements with local teams. Additional co-development arrangement
are in the works with the objective of a 1GW to 1.5GW wind and solar PV pipeline in the Italian market
•Spain, GGE participated in the Grid Connection Request Process in Spain on 1 July 2021. 13 projects were
presented totalling 830MW, of which seven projects are awaiting DSO feedback and three projects are
reserved for the TSO tendering process
•Further projects and pipeline opportunities are being originated in France, Germany, Poland and the UK
•The current total pipeline of projects under evaluation stands at 8.3GW, of which 2GW are projects being
actively developed
Galileo Green
Energy
Focussed
on greenfield
development,
acquisitions and
strategic
co-development
opportunities
across multiple
markets, GGE is
building
momentum

InfratilFull year results presentation 2021
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
FY18FY19FY20FY21FY22
LongroadGGEGurinTiltTotal
59%
33%
9%
Longroad (US)GGE (Europe)Gurin (Asia)
47%
20%
30%
2%
SolarSolar / BatteryWindWind / Solar
12
Infratil’s
Renewables
Platform
Infratil’s
renewable
energy portfolio
evolving to offer
a highly
diversified
development
portfolio across
technologies and
regions
Current portfolio mix –operating
and near-term pipeline (MW)
1
By company/region
By technology
Total Pipeline (MW)
1,2
Note 1. Portfolio mix and pipeline are calculated on a 100% basis. 2. 31-March year end
Illustrative total pipeline
We are replacing the Tilt pipeline with Galileo Green Energy and Gurinover time

InfratilFull year results presentation 2021
(40)
(20)
-
20
40
60
80
100
120
140
Dec-18Dec-19Dec-20Dec-21
USDm
Additional Illustrative EBITDA
Project development costs
Project sales EBITDA
Operating EBITDA less project development costs
-
500
1,000
1,500
2,000
2,500
FY18FY19FY20FY21FY22
Longroad net operating assetsLongroad new additions
Longroad MW sold in year
13
Infratil’s
Renewables
Platform
Longroad
illustrates the
platform’s
potential to grow
EBITDA steadily
if projects are
retained
Longroad operating assets and future additions (MW)
1
Longroad percentage of operating
assets MW contracted
90.6%
9.4%
ContractedUncontracted
Weighted average
remaining PPA
length of 12.1 years
Note 1. Longroadoperating assets excludes managed capacity that is not owned, 31-March year end. 2. Consolidated EBITDA as per Longroadfinancial statements, 31-December year end. 3. Project
Sales EBITDA in financial statements excludes partial sales of 50% stakes, as Longroadretains the controlling interest. 4. Based on the weighted average of Longroadcurrent project level net
operating cashflow / MW. 5. Dec-21 annual growth percentage includes additional illustrative EBITDA.
Expected
MWs added
Longroad EBITDA
2,3
(US$m at 100%)
Illustrative full
year impact of
400MW
developed and
retained at
US$70k
EBITDA per
MW
4
Dec-21 EBITDA
run-rate estimate
EBITDA
Operating EBITDA
includes project
development costs
Illustrative
EBITDA growth
Annual growth 7%15%
5

InfratilFull year results presentation 2021
-
5x
10x
15x
20x
25x
30x
35x
40x
EV / EBITDA (x)
EV / Dec-21 Illustrative EBITDA
EV / Dec-21 run-rate EBITDA
14
Infratil’s
Renewables
Platform
The recent Tilt
transaction
illustrates that
this platform
value is currently
under
appreciated
Longroad’sindependent valuation only takes into account1 year forward of development, unlike the Tilt sale
Note 1. The independent valuation was dated as at 31 March 2021 and was used to calculate IFT equity fair value in the FY21 Annual Report. The total equity value is adjusted for Longroadincentives,
tax payable on realisation, transaction costs, IFT ownership share and FX to convert to IFT equity fair value. 2. Total fair asset value of US$1.28bn adjusted for US$10m cash balance. 3. Based on the
weighted average of Longroadcurrent project level net operating cashflow / MW. 4. FY22E EBITDA sourced from company and broker estimates. 5. Sale multiple in line with the Scheme Booklet as
per 10 June 2021 announcement. 6. Country specific EBITDA adjusted for shared corporate costs.
Longroad EV / EBITDA based on March-2021
independent valuation (x)
1
Illustrative
example
•The independent valuation for Longroadonly takes into
account one year forward of development projects /
growth.
•The 31 March 2021 independent valuation for Longroad
Enterprise Value was US$1.27bn
2
Based on Dec-21 run-
rate EBITDA estimate,
including project
development costs
Based on illustrative
full year impact of
400MW developed
and retained at
US$70k EBITDA per
MW
3
-
5x
10x
15x
20x
25x
30x
35x
40x
EV / EBITDA (x)
EV / FY22E EBITDA Tilt sale premium Australia (36x)
EV / FY22E EBITDA Tilt sale premium Total (28x)
EV / FY22E EBITDA Tilt sale premium NZ (16x)
EV / FY22E EBITDA pre-announcement (14x)
Tilt EV/EBITDA (x)
4,5,6
Tilt sale
premium at
28x EV /
EBITDA
Pre-
announcement
multiple at 14x
EV / EBITDA

“Ideas That Matter”