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MERCURY NZ LIMITED — Capital/Financing Update 2021
Mar 14, 2021
65306_rns_2021-03-15_2d31e1c5-1d7b-4a96-98b7-991a2b6ebef3.pdf
Capital/Financing Update
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Bid Price (NZ$7.80 per share)
MERCURY’S TILT JOURNEY
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$8
Joint takeover offer X
Mercury CE Receipt of $55m
taking Infratil
appointed to Tilt via capital distribution
shareholding to >65%
$7 Board due to sale of
(inclusive of exercise
Snowtown II
of option)
$6
$5
May Aug Feb Jul Jul Mar
2018 2018 2019 2019 2020 2021
$4
$3
$2
Additional investment
Acquires initial of $55m through
stake of $144m Dundonnell
$1
($2.30 per share)
capital raising
($1.75 per share) ($770m gross).
Option to acquire a
further 6.8%
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Enter into binding agreement with PowAR to acquire Tilt for NZ$7.80 per share.
Mercury to subsequently acquire NZ operations if scheme successful ($770m gross).
Mercury’s 19.92% share holding in Tilt valued at $586.5m.
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1 Tilt Share Price (NZ$ per share) to 12 May 2021
TILT NEW ZEALAND OPERATIONS[1]
OPERATING ASSETS
| Asset | Commissioned | Capacity | Average Generation |
Capacity Factor |
|---|---|---|---|---|
| Tararua I & II | Stage I: 1999 Stage II: 2004 |
68MW | 245GWh | 41% |
| Tararua III | 2007 | 93MW | 318GWh | 39% |
| Mahinerangi | 2011 | 36MW | 101GWh | 32% |
| Waipipi | 2021 | 133MW | 455GWh | 39% |
| Total | 330MW | 1,119GWh | 39% |
DEVELOPMENT OPTIONS
| Option | Potential Capacity |
|---|---|
| Tararua I & II repowering | 140MW (vs. 68MW existing) |
| Omamari | 70MW |
| Mahinerangi II | 160MW |
| Kaiwera Downs | Stage I: 40MW; Stage II: 200MW |
| Other sites | Several early stage prospective sites |
Omamari (wind) Potential capacity: 70MW
Waipipi (wind) Commissioned: 2021 Capacity: 133MW Tararua I & II (wind) (wind) 3 Commissioned: 1998, 2004 Capacity: 68MW Tararua III (wind) Commissioned: 2007 Capacity: 93MW
Tararua I & II repowering (wind) Potential capacity: 140MW
Mahinerangi II Potential capacity: 160MW Mahinerangi (wind) Commissioned: 2011 Capacity: 36MW
Kaiwera Downs Potential capacity: 40MW (stage I) 200MW (stage II)
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Operating assets Development projects
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