Announcement

GENERAL: IFT: Longroad Energy has confirmed sale of Texas wind farm 08:31am 
IFT
14/12/2018 08:31
GENERAL
NOT PRICE SENSITIVE
REL: 0831 HRS Infratil Limited

GENERAL: IFT: Longroad Energy has confirmed sale of Texas wind farm

Infratil announces that Longroad Energy has sold its 238 MW Rio Bravo wind
farm project in Starr County, Texas, USA to Sammons Renewable Energy.

A media release from Longroad Energy relating to this sale is attached.

Following completion of the sale, Infratil expects to receive repayment of
approximately US$49.4 million of funding and accrued interest. Funding of
US$46.3 million was provided in May 2018 to enable Longroad Energy to fund
its equity commitment for the construction. Realisation of the development
margin in relation to the project is expected to occur (in cash or accounting
terms) in the FY20, when construction is completed.

Infratil remains within the FY19 earnings guidance updated provided on 13
November 2018 ($580 million to $620 million), however the forecast Rio Bravo
development gain which was originally expected in FY19 is now expected in
FY20.

Longroad Energy is owned by Infratil (40%) and the New Zealand Superannuation
Fund (40%), in partnership with management (20%). Its focus is on wind and
solar energy development, ownership, and services in the United States, one
of the largest and fastest growing renewable energy markets in the world. The
investment is managed on behalf of Infratil and the New Zealand
Superannuation Fund by investment management firm Morrison & Co.

Any enquiries should be directed to:

Mark Flesher, Investor Relations, Infratil Limited mark.flesher@infratil.com
End CA:00328332 For:IFT Type:GENERAL Time:2018-12-14 08:31:16

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