Thursday 13th May 2021
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Tilt Renewables Limited is pleased to release its financial statements for the year ended 31 March 2021 (“FY2021”), together with key highlights for the year and an investor presentation. Financial references in this release are in Australian Dollars unless noted.
Key highlights for FY2021
FY2021 has been a landmark year for the TLT business with the delivery of two key construction projects and external validation of the value accumulated in the TLT platform, all against the backdrop of a global pandemic. The Scheme Implementation Agreement (“SIA”), signed with Powering Renewables Australia Fund (“PowAR”) and Mercury NZ Limited at the end of FY2021, sets the business up to accelerate the transition to renewables in Australia and New Zealand. The shareholder value recognised through the SIA is material, with the NZ$8.10 offer price equivalent to a 106.6% premium above the undisturbed TLT share price prior to the announcement of Infratil Limited’s strategic review of its interest in TLT on 4 December 2020.
Looking beyond the pending sale of TLT, FY2021 has been a busy year with Management focused on completing the delivery of the Waipipi Wind Farm (“Waipipi”) in March 2021 and advancing the Dundonnell Wind Farm (“Dundonnell”) towards its final commissioning milestones during the year.
Guidance for FY2022 has been split by portfolio across Australia and New Zealand. Ramp up of Dundonnell production is budgeted to continue through the first half, resulting in an Australian EBITDAF range of A$58 to 66 million. The New Zealand EBITDAF guidance range, incorporating a full 12 month contribution from Waipipi, is expected to be A$46 to 48 million, assuming average AUD/NZD rate of 0.93 and P50 wind production. Group FY2022 EBITDAF guidance is $A104 to 114 million based on P50 wind.
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