Announcement

MKTUPDTE: TLT: Tilt Renewables 2019 Q3 Production Results 05:19p.m. 
TLT  
15/01/2020 17:19  
MKTUPDTE  
NOT PRICE SENSITIVE  
REL: 1719 HRS Tilt Renewables Limited  
 
MKTUPDTE: TLT: Tilt Renewables 2019 Q3 Production Results  
 
Tilt Renewables December 2019 quarter production results  
 
Tilt Renewables is pleased to present its production results for the three  
months to 31 December 2019 ("Dec 19 quarter"). Production figures in this  
period include production from the Snowtown 2 Wind Farm ("SWF2") for the 78  
days up to (but excluding) the sale completion date of 17 December 2019. The  
Group production charts have been restated to demonstrate the contribution of  
the SWF2 assets to Group production over current and previous financial years  
and the prior period production ("Dec 18") for SWF2 has been pro-rata  
normalised to allow a like-for-like comparison.  
 
For the Dec 19 quarter, total group production was 2% above the normalised  
Dec 18 quarter result. Australian production was 7% softer due to lower wind  
speeds and lower asset availability, which was impacted by maintenance  
activities, whilst New Zealand was up strongly (+22%), reflecting much higher  
wind speeds compared to the prior corresponding period. Excluding the SWF2  
production figures entirely, production from the remaining assets was 9%  
higher than the prior period.  
 
Curtailment due to the South Australian System Strength constraint during the  
quarter was estimated at 7 GWh across the Snowtown 1 and SWF2 wind farms  
(representing 3% of potential production from these assets). Production from  
the Snowtown 1 wind farm was also affected by the introduction of TLT's new  
automated bidding system and bidding strategy, which avoids generation during  
trading intervals with negative spot prices. This bidding regime has  
improved overall net captured merchant revenue from Snowtown 1, but has  
reduced production compared to theoretical maximum potential, with many  
negative price periods corresponding with higher wind output.  
 
Group production for the 9 months to 31 December 2019 ("YTD") was in line  
with the previous year (normalised for SWF2 sale) and slightly below  
long-term 50th percentile expectations ("P50"). Near P50 New Zealand  
performance was offset by slightly below expectation Australian production  
below expectations which include the full-year contribution of Salt Creek  
Wind Farm (vs only 3 of 4 quarters in FY19). YTD production from the  
remaining operational assets was 2% below long-term P50 expectations.  
 
Management notes its updated FY20 full year EBITDAF guidance range of A$118  
to A$122 million includes the SWF2 contribution from 1 April through to 17  
December 2019 only and assumes P50 production from the remaining portfolio to  
the end of the year.  
 
Refer table and graph in the attached announcement.  
 
For further information please contact:  
Steve Symons  
Chief Financial Officer  
Phone: +61 419 893 746  
 
ENDS  
End CA:00347133 For:TLT Type:MKTUPDTE Time:2020-01-15 17:19:35  

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