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Tilt Renewables FY2019 Full Year Results

9 May 2019

Tilt Renewables Limited and its subsidiaries (“Tilt Renewables”) released today its financial statements for the year ended 31 March 2019 (“FY2019”) together with key highlights and operating metrics for the year. All financial references in this release are in Australian dollars.

Key highlights for FY2019

Highlights for the year ending 31 March 2019 include:

• Energy production of more than 2 terawatt-hours across the operational portfolio 
• Earnings Before Interest, Tax Depreciation, Amortisation, Fair Value Movements of Financial Instruments (“EBITDAF”) of $134.8 million 
• Cash from operating activities of $112.4 million, up 31% on prior period 
• The 54 MW Salt Creek Wind Farm achieved commercial operations in July 2018 
• The 336 MW Dundonnell Wind Farm was successfully bid into the Victorian Renewable Energy Auction Scheme, secured a long-term offtake with Snowy Hydro and achieved financial close in November 2018. Construction of the $560 million project is underway, targeting completion in late CY2020 
• Tilt Renewables was successful in raising $260 million from its first equity offering, which was strongly supported with a premium achieved for non-participating shareholders in each of the institutional and retail bookbuilds 
• Waverley Wind Farm, a ~130 MW wind project in South Taranaki, New Zealand is progressing towards an end of CY2019 investment decision, underpinned by an offtake contract with Genesis Energy which is expected to be executed in the coming weeks 
• The development pipeline has been advanced, increasing by 1 GW over the last 12 months, highlighted by the acquisition of Liverpool Range project which brings Tilt Renewables’ wind options in New South Wales to ~1.3 GW

Steve Symons 
Chief Financial Officer 

Tilt Renewables

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