Infratil’s CDC valuation rises by A$133 million

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

Infratil’s CDC valuation rises by A$133 million
The 31 December 2023 independent valuation of Infratil’s investment in CDC shows an increase of
A$133 million over the three months since the 30 September 2023 valuation.
Infratil’s 48.24% investment in CDC is now valued at between A$3,736 million to A$4,335 million (with
a midpoint of A$4,017 million), up from A$3,641 million to A$4,186 million (with a midpoint of A$3,884
million) at the end of September 2023.
The uplift in value reflects the strong progress CDC has made securing new customer contracts, in
line with expectations in September 2023, but is largely offset by changes in macroeconomic inputs to
the valuation. As at 31 December 2023, CDC’s forecast pipeline to 2029 has grown modestly relative
to that assumed in the 30 September 2023 independent valuation. Total operating capacity remains
unchanged, while under construction and future build capacity is up 170MW to 1,220MW, reflecting
CDC’s latest view of its development pipeline and customer demand signals.
Region
Status
Build Capacity (MW)
to 2028, as at
September 2023
Build Capacity (MW)
to 2029, as at
December 2023
Canberra
Operating 117 117
Sydney
Operating 123 123
Auckland
Operating
28 28
Total Operating Capacity 268
268

Canberra Under Construction 56 39
Sydney
Under Construction 147 158
Melbourne
Under Construction 32 155
Auckland
Under Construction 30 30
Total Under Construction Capacity 265
382

Canberra Future Build 55 105
Sydney Future Build
151 269
Melbourne Future Build 208 93
Australian Expansion Future Build 22 22
Auckland Future Build 81 81
Total Future Build Capacity 517
570

Total Capacity 1,050
1,220


The blended cost of equity used in the valuation has increased from 11.20% to 11.25% between
September and December 2023. This reflects an increase in the risk-free rate (3.75% to 3.95%) and
an increase in gearing as a result of higher forecast debt levels as CDC continues investment in its
expanded development pipeline. These effects are offset to a large degree by a decrease in asset-
specific risk premium, driven by the advanced stage of new customer contracts and the valuer’s
assessment of the relative decrease in the overall risk of CDC delivering on its forecast growth.
CDC has also recently increased its debt facilities by A$1.4 billion to assist with funding this growth.
Terms of the deal are in line with current facilities and extend the weighted average tenor of its debt.
The valuation reflects the benefits of this raising, however this is offset by the increase in the market-
based base rate curve that underpins assumed debt costs in the independent valuation.

2
Net debt as at 31 December was A$2,450 million.
CDC’s FY2024 full-year EBITDAF guidance of A$260 million to $270 million remains unchanged.

Any investor enquiries should be directed to:
Mark Flesher
Investor Relations
mark.flesher@infratil.com