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Infratil Renewable Projects Leap to 755 MW Over Interim Period
Nov. 15, 2019 01:00PM PST
Australia InvestingAs shares climb over 33 percent over the year, the company also acquired Vodaphone NZ for AU$1.02 billion.
Infratil (ASX:IFT), a company that invests across renewable energy, mobile and data companies announced its interim report ending 30 September 2019. During the reporting period, Infratil invested in three wind and solar projects that amounted to 755 megawatts in renewable energy. In addition, it underwent the acquisition of Vodaphone (NASDAQ:VOD) NZ for AU$1.02 billion, one of the largest deals it has witnessed in over ten years.
As quoted in the press release:
The acquisition of Vodafone represented the largest corporate transaction in New Zealand for over a decade when Infratil acquired a 49.9% stake alongside global infrastructure investor Brookfield Asset Management. The acquisition is transformational for Infratil and significantly strengthens the cash generative core of the portfolio while increasing Infratil’s exposure to long-term data and connectivity growth. The deal was well supported by shareholders, reflected by the strong backing of the NZ$400 million capital raise undertaken to as part of the acquisition.
Just as significant as the investment that was made during the period were the announcements around future investment and the momentum within Infratil’s existing platforms:
- Tilt Renewables and Longroad Energy announced three new renewable generation projects over the period amounting to 755MW of capacity at a total cost of $1,470 million. In aggregate these two companies are now building 712MW of wind and 379MW of solar generation at a total cost of $2,070 million;
- RetireAustralia is in the process of taking delivery of 70 new care-units at its Glengarra Village, while construction is underway on 177 units at The Verge village adjacent to the Burleigh Golf Club in Queensland;