29 Jun 2020
We are pleased to present the Annual Report for 2020. If last year was our formative year, it is appropriate to describe 2020 as a year of delivery for Tilt Renewables.
This year was underpinned by several industry leading transactions, including reaching financial close on the Waipipi Wind Farm, thus adding that construction project to the Dundonnell Wind Farm which commenced construction last year. With more than A$800m being invested and 469MW of new generation scheduled to be commissioned over the next financial year, we are progressing well against our growth agenda. We also advanced several other attractive investment options from our development pipeline.
With this growth confirmed and underway, we made the most of favourable market conditions to undertake a strategic review of the Snowtown 2 Wind Farm. This review resulted in that asset being sold in a A$1.07b transaction, delivering significant shareholder value and proving the attractiveness of high-quality assets with long term revenue certainty.
Continuous improvement in the core business was also a focus this year and included deployment of an auto-bidding tool to help our real-time response to the Australian energy market, commissioning of our new environmental compliance and risk management system, improving health and safety management capability, and welcoming additional people to increase capacity in key development and engineering areas.
Continuing our leading role in the transition to a lower carbon future, we also received planning approval for the Palmer Wind Farm in South Australia and commenced the preliminary work for repowering the Tararua 1 Wind Farm. That asset has now been in commercial operations for more than 20 years, its original design life. It is still performing well, but we want to make sure we can continue to use this outstanding wind site into the future.
Our collection of late stage development options is diverse in terms of technology, scale and location. This development pipeline is core to realising our strategy and more than 50% of our team are focused on advancing the pipeline and seeking opportunities to move projects to financial close and into the operating portfolio.
Bruce Harker, Chair Tilt Renewables and Deion Campbell, Chief Executive
© Copyright Infratil