HALLETT WIND FARM

RENEWABLES

ASSET DESCRIPTION

  • 100% ownership of Hallett I Wind Farm, located in South Australia
  • 94.5MW, compromising 45 x 2.1MW turbines
  • Long term offtake agreement with AGL over 25 years (to 2033) with options to renew subsequently
  • Asset design life of 25 years+
  • 100% equity interest

INVESTMENT FUNDAMENTALS

  • Construction successfully completed in April 2008 and operating at scheduled capacity
  • Effectively a finance lease with AGL (BBB rated)
  • Scheduled revenue streams during offtake period
  • Scheduled asset management payments to AGL during offtake term
  • No wind or generation risk

KEY RISKS AND MITIGATION

  • Revenue risk mitigated through offtake agreement
  • Manufacturers warranty over turbines for 5 years
  • Asset management agreement with AGL with monthly reporting and agreed annual and long term maintenance plan
  • Refinancing risk mitigated through 23 year swap (exposure to margins remains)