INFRATIL CONFIRMS SUPPORT FOR INCREASE IN TILT RENEWABLES SCHEME CONSIDERATION

Infratil confirms its support for the announcement today by Tilt Renewables Limited (Tilt) that it has amended the Scheme Implementation Agreement (SIA) with Powering Australian Renewables (PowAR) and Mercury NZ Limited (Mercury) to increase the scheme consideration from NZ$7.80 per share to NZ$8.10 per share.

As a result of that increase in the scheme consideration, Infratil’s gross proceeds from the sale of its 65.5% stake in Tilt are now expected to be approximately NZ$2,000.2 million (previously, approximately NZ$1,926.1 million).

Infratil previously advised that it estimated the International Portfolio Realised Incentive payable upon completion of the sale of Tilt to be NZ$107.1 million (although the actual fee payable will in part depend on when completion occurs and final sales costs). As a result of the increase in the scheme consideration, the fee is now estimated as NZ$118.1 million, which would be payable in April 2022.

A copy of Tilt’s announcement is attached.

Any enquiries should be directed to:
Mark Flesher, Investor Relations, Infratil Limited
mark.flesher@infratil.com