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Project Update Week ending 14 September 2018

Energy policy needs to get on board the renewable energy train 10 September Analysis by the Australian National University shows Australia could have 100 per cent renewable electricity by the early 2030s if the current rate of installations by industry continues into 2020 and beyond. Experts from ANU analysed Australian Government renewable energy project data that showed during 2018 and 2019 Australia will install about 10,400 megawatts of new renewable energy. Energy Change Institute Director Professor Ken Baldwin said if the current rate of renewable energy installations continues, Australia will eclipse the Renewable Energy Target, with 29 per cent renewable electricity in 2020, and 50 per cent in 2025. “We estimate electricity emissions would thereby be reduced by 26 per cent in 2021, and the electricity sector on its own would meet Australia’s entire Paris emissions reductions target of 26 per cent by 2025,” said Professor Baldwin. “Australian industry is proving it’s not difficult or expensive to make deep and rapid cuts to greenhouse gas emissions.” “All the evidence points to Australia’s capacity to be a renewable energy superpower, with all the economic and environmental benefits that come with that. We need Australia’s governments to put in place the right plans

for the renewable energy train to have a smooth ride,” said Professor Baldwin. Professor Andrew Blakers from ANU Research School of Engineering said the new capacity coming is divided approximately equally between large-scale solar photovoltaics (PV), wind farms, and rooftop solar PV. “Combined, the 10,400 megawatts of new capacity to be installed in 2018 and 2019 represents about 30 per cent of Australia’s peak electricity demand,” Professor Blakers said. “The Australian renewable energy industry is unequivocally demonstrating that it has the technical capability to deliver vast quantities of cheap, reliable, secure and zero-emissions energy,” Professor Blakers said. “Australia is installing wind and solar PV at a faster per capita rate than nearly every other country.” Dr Matthew Stocks from ANU Research School of Engineering said the rapidly growing supply of renewable energy into the electricity network requires effective planning to ensure enough storage and transmission capacity is built to deliver reliable energy to homes and businesses.

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“The remaining piece of the puzzle is more storage and stronger interstate interconnection, which is where governments should be focussing their attention,” said Dr Stocks. “Pumped hydro storage – such as the proposed Snowy 2.0 – is off-the-shelf technology, while batteries are rapidly falling in price.” “Our message is that the renewables train has developed great momentum, so policy makers need to get on board,” said Dr Stocks. Source: ANU

Partners Group to lead delivery of 226MW wind farm project in Australia 10 September Partners Group, the global private markets investment manager, has agreed on behalf of its clients to invest over AUD 200 million in equity to acquire and construct the first stage of Murra Warra Wind Farm (Murra Warra I) in Australia. The 226MW wind farm is being acquired from Renewable Energy Systems (RES) and Macquarie Capital, which jointly developed the project. Partners Group is leading the delivery of Murra Warra I, which will comprise 61 Senvion 3.7MW turbines with a total nameplate capacity of 226MW, located approximately 30 kilometers north of Horsham in the state of Victoria. RES will work alongside Partners Group to provide certain ongoing services to support the project. Construction of Murra Warra I commenced in March 2018 and is expected to be completed in mid-2019. The project has already entered into long-term power purchase agreements for a substantial portion of its generation output with investment grade commercial and industrial customers, including Telstra, Australia's largest telecommunications company, Coca-Cola Amatil, Australia and

New Zealand Banking Group (ANZ), the University of Melbourne and Monash University. Once completed, Murra Warra I will generate enough clean energy to power 220,000 Australian households and offset over 900,000 tonnes of carbon emissions every year. The wind farm is also expected to support around 150 jobs in regional Victoria during construction, stimulating further investment in local businesses and services. Benjamin Haan, Partner, Co-Head Private Infrastructure Asia-Pacific, Partners Group, states: "We continue to believe the Australian renewable energy sector is benefiting from a transformative trend, with a significant amount of coal-fired generation retirements expected in the coming decade. Investing into a project such as Murra Warra I, where we can enter during the construction phase and successfully deliver the project through to its operation phase, is consistent with our 'building core' strategy in infrastructure and is Partners Group's fourth major wind farm investment in Australia since 2015. The project brings additional scale and diversification to our portfolio and is one of the highest-quality wind resource sites in Australia's National Electricity Market." The Murra Warra I investment follows Partners Group's recent AUD 700 million commitment to develop Grassroots Renewable Energy Platform ("Grassroots"), a large-scale platform that aims to construct over 1.3GW of new wind power, solar power and battery storage assets across Australia within the next four years. Once operational, Grassroots is expected to become a category leader in the Australian power market as one of the country's largest independent power producers in the renewables sector. Also in the Australian renewable energy sector, in June 2015, Partners Group invested into the development of the 240MW Ararat Wind Farm, which started supplying clean energy to the Australian national grid in mid-2017.

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Andrew Kwok, Senior Vice President, Co-Head Private Infrastructure Asia-Pacific, Partners Group, comments: "Murra Warra I and Grassroots add to our substantial portfolio of renewable energy assets across the Asia-Pacific region. Since 2014, we have delivered over 900MW of renewable energy generation capacity in the region, with another 490MW currently under construction. In order to ensure such large-scale projects are completed on time and within budget, experience has taught us that it is important to focus on procuring construction items with long lead times in a timely manner, having the right in-house expertise to identify and manage risks and partnering with counterparties who bring the right capabilities and experience to deliver a project." Source: Partners Group

Entura appointed owner’s engineer for Kidston dispatchable renewables hub 10 September Specialist power and water consulting firm Entura has been engaged by Genex Power to deliver Owner’s Engineer services for Stage 2 of the 250 MW Kidston Pumped Storage Hydro Project and the 270 MW Kidston Solar Project. Located in North Queensland, Australia, the two projects are the flagships of the Kidston Renewable Energy Hub, which will integrate large-scale solar with pumped hydro energy storage. A 50 MW solar farm is already in operation on the site. Entura previously completed the Technical Feasibility Study for the Kidston Pumped Storage Hydro Project, focusing on optimising the project to achieve a design which was technically and commercially feasible. “We’re pleased to have Entura on board again, working closely with our team to support the delivery of the Kidston Stage 2 projects,” said James Harding, CEO of Genex

Power. “Entura’s wealth of experience and capability in hybrid renewables and hydropower, along with intimate knowledge of the Kidston Pumped Storage Hydro Project, makes them the ideal partner to enable the success of our projects.” As Owner’s Engineer, Entura will play a vital role in ensuring timely, quality outcomes for Genex Power during the construction phase of these projects, working closely with engineering, procurement and construction (EPC) contractors McConnell Dowell, John Holland and UGL. Entura’s scope includes a review of activities (detailed design and engineering verification, review of EPC contractors’ plans, and grid connection arrangement), project management, construction and commissioning advice. Commenting on the appointment, Entura Managing Director, Tammy Chu, said: “As believers in dispatchable renewables we have tuned our capabilities accordingly, especially in utility-scale hydropower, solar and wind farm developments, combining these with very strong power systems and grid connection capability. “We’re very excited to be partnering with Genex Power to help them deliver their vision to combine pumped hydro energy storage with solar PV and, in due course, wind power.” Source: Entura

Genex appoints Entura as Owner’s Engineer for Kidston Stage 2 10 September Genex Power Limited (ASX: GNX) (Genex or Company) is pleased to announce the appointment of specialist power and water consulting firm, Entura, as Owner’s Engineer (OE) for the Kidston Stage 2 projects (the Project), comprised of the 250MW Kidston Pumped Storage Hydro Project (K2H) and the adjacent multi-staged 270MW Solar project (K2S).

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The appointment of Entura as OE enables them to leverage their Project knowledge acquired over recent years particularly with their work in managing the K2H Technical Feasibility Study in 2016 (refer ASX announcement 8 November 2016). As OE for the Project, Entura will undertake detailed design and engineering verification as well as providing construction and commissioning advice during the Project implementation phase, working closely with the Engineering, Procurement and Construction (EPC) contractors across both K2S and K2H. Commenting on Entura’s appointment, Genex CEO, James Harding said: “We are delighted to appoint Entura as our Owner’s Engineer for the Kidston Stage 2 projects. We have established and maintained a strong relationship with Entura, having initially worked together to complete the technical feasibility study for our flagship project (the 250MW Kidston Pumped Storage Hydro project) in 2016. As one of the market leaders in renewables and hydropower, Entura will provide valuable experience and expertise, plus their in-depth Project knowledge, to assist with the successful delivery of the Project and we look forward to continuing our collaboration as we progress the development of the Kidston Renewable Energy Hub.” In addition, Entura’s Managing Director Tammy Chu said: “We’re very excited to be partnering with Genex Power to help them deliver their vision to combine pumped hydro energy storage with solar PV and, in due course, wind power.” Source: Genex Power

Hydrogen from renewable power: Technology outlook for the energy transition 10 September As the world strives to cut carbon emissions, electric power from renewables has emerged as a vital energy source. Yet transport and industry will still require combustible fuels for many purposes. Such needs could be met with hydrogen, which itself can be produced using renewable power. Hydrogen provides high-grade heat, helping to meet a range of energy needs that would be difficult to address through direct electrification. This could make hydrogen the missing link in the transformation of the global energy system. Key sectors for renewable-based hydrogen uptake include: - Industry, where it could replace fossil-based feedstocks, including natural gas, in high-emission applications. - Buildings and power, where it could be mixed with natural gas or combined with industrial carbon dioxide (CO2) emissions to produce syngas. - Transport, where it can provide low-carbon mobility through fuel-cell electric vehicles. Electrolysers – which split hydrogen and oxygen – can make power systems more flexible, helping to integrate high shares of variable renewables. Power consumption for electrolysis be adjusted to follow actual solar and wind output, while producing the hydrogen needed for transport, industry or injection into the gas grid. In the long run, hydrogen could become a key element in 100% renewable energy systems. With technologies maturing, actual scale-up should yield major cost reductions. The right policy and regulatory framework, however, remains crucial to stimulate private investment in in hydrogen production in the first place. Full report available here. Source: IRENA

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Project update – Rye Park Wind Farm 10 September Tilt Renewables is progressing key components for the Rye Park Wind Farm, with the view of beginning project construction in 2019. Tilt Renewables is very pleased that all primary project approvals have been finalized, successfully securing planning approval from the Planning Assessment Commission (PAC) along with Commonwealth EPBC approval in 2018. Attention is now focused on progressing matters like selection of a turbine supplier, site design and the transmission connection to the grid. General Manager Renewable Development Clayton Delmarter said New South Wales was a good state to be developing renewables. “The energy mix in the state looks set to change over the short to medium term with the looming closure of Lidell (2000MW),” Clayton said. “Projects like Rye Park are well placed to aid the transition to a cleaner energy future for NSW and Australia. “The Rye Park Wind Farm is a key project for our business and we are planning to make some real progress with the project throughout the remainder of the year.” Tilt Renewables is also working on its connection application with TransGrid, to allow connection into the 330kV line that intersects the southern part of the wind farm. More detailed site investigations and design are underway to optimise the balance of plant civil and electrical design, ensuring compliance with approval conditions and seeking to minimise areas of disturbance and the overall environmental footprint. This process will feed into a formal procurement process that will be initiated later in 2018. Source: Tilt Renewables

Power prices set to rise without coherent federal energy policy 10 September The clean energy industry says the Federal Government’s decision to abandon the National Energy Guarantee – and walk away from any attempt to deliver an effective energy and climate policy – will chill investment in new power generation and further increase power prices for consumers. Clean Energy Council Chief Executive Kane Thornton said clean energy is now the lowest-cost form of investment in new power generation and does not need new subsidy, but it does need policy certainty. “The clean energy industry is disappointed that the government has walked away from the National Energy Guarantee (NEG). The NEG was no-one’s preferred option and the proposed emissions reduction target was basically useless. But many people across the business, energy and community sectors worked together in good faith with the states and Commonwealth to turn it into a potentially workable policy that could be scaled up and provide policy certainty for investors,” Mr Thornton said. “Abandoning any attempt at long-term energy policy leaves the energy market in a state of further chaos. It will slow investment and result in power prices increasing again. The government’s own modelling claimed that household power bills will be $150 a year higher without the NEG. “Record levels of new investment are currently flowing into energy generation on the back of the Renewable Energy Target, but this target will soon be met. Policy certainty is essential to ensure investment continues beyond 2020. “Until the Commonwealth Government can deliver enduring and coherent energy and climate policy, state governments will be critical to ensuring policy certainty and new

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investment that delivers low power prices for all Australians. "The clean energy sector is working actively to support state and territory governments to fill this decade-long policy void and provide much-needed investment confidence beyond 2020,” he said. Source: Clean Energy Council

PROJECT NEWS

Mortlake South Wind Farm ICN Gateway is seeking Expressions of Interest for work packages at Acciona’s Mortlake South Wind Farm in Victoria. Specifically work packages include: - Civil works – internal and external roads, concreting, quarries, steel supply, foundations, platforms and environmental restoration - Inland transportation - Electrical – Substation, MV reticulation, switchgear, generators, circuit breakers, cables, etc. - Wind turbine installation (erection and assembly) - Temporary construction facilities – accommodation, security, waste and recycling, safety testing, fencing, plumbing, etc. Please note that whilst the packages are broad, smaller suppliers that may only be able to provide partial scope coverage are encouraged to apply. The project is expected to be completed by October 2020, with construction starting early 2019. More information is available here.

Auction results a decisive step forward for Victoria’s renewable energy powered future 11 September Environment Victoria today welcomed the release of the first Victorian Renewable Energy Target (VRET) auction results, labelling it a major step in Victoria’s transition to a zero-carbon economy. The VRET auctions will bring online 928 MW of new wind and solar farms that will reduce pollution and drive down power prices. The announcement is more renewable energy than expected, with the auction originally seeking 650 MW of new renewable energy projects. Environment Victoria CEO Mark Wakeham said: “Today’s announcement is a decisive step towards making Victoria Australia’s renewable energy heartland. This is the largest clean energy auction result we’ve seen to date in Australia. We congratulate the Andrews government for delivering a great result for the state’s clean energy industry and accelerating the state’s leadership in tackling global warming. “The result stands in stark contrast to the Morrison government’s recent announcement that they have given up trying to reduce emissions and have no plan to support new renewable energy projects. This auction alone has delivered more renewable energy construction than the Coalition’s National Energy Guarantee would have in its first decade. “The auction will kickstart six new projects across Victoria, building three new wind farms and three new solar farms. This will create hundreds of new jobs in regional Victoria and provide vital support for the businesses that serve renewable energy projects in areas such as Portland and Lilydale.

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“We’re particularly pleased that the Andrews government has decided to grasp the opportunity to build more energy than originally planned. Victoria has the most polluting power supply in the country so we need to be taking the largest steps to bring on renewables as quickly as possible. “The auction results confirm the benefits of having a legislated renewable energy target. The next step will be to set a schedule for future auctions so that have a constant pipeline of new clean energy projects and jobs.” “Victoria’s renewables industry has been booming, and the massive investment that’s been announced today demonstrates a clear appetite to invest in further projects. “The windfall of jobs and investment announced today highlights the lunacy of Matthew Guy’s Coalition plans to scrap the Victorian Renewable Energy Target if elected in November. Axing the VRET will kill off clean energy jobs in regional Victoria, including in many Liberal held seats. “We urgently need both major parties to deliver long-term stability for wind and solar jobs this election. “It’s time for Matthew Guy to differentiate himself from his climate-science denying colleagues in Canberra and reconsider his opposition to renewable energy. Renewable energy is strongly supported by Victorians and is creating thousands of jobs and lowering power prices,” said Mr Wakeham. Source: Environment Victoria

More renewable energy to drive down power prices 11 September Victoria’s first renewable energy auction will generate more than 900 megawatts (MW) of new clean energy, driving down energy prices for Victorian families. The auction, part of the Victorian Renewable Energy Targets (VRET), was initially expected to deliver at least 650MW of renewable energy. That goal has been smashed, with the auction instead delivering 928MW of renewable energy – almost 45 percent more power than originally anticipated. Premier Daniel Andrews and Minister for Energy Lily D’Ambrosio today visited the Ararat Wind Farm to announce the six successful projects that will produce enough electricity to power 646,273 households. Together, these projects will generate $1.1 billion of economic investment in regional Victoria and create more than 900 jobs, including 270 apprenticeships and traineeships. The winning projects are: - Berrybank Wind Farm west of Geelong, which will produce 180MW - Carwarp Solar Farm south of Mildura, which will produce 121.6MW - Cohuna Solar Farm north-west of Echuca, which will produce 34.2MW - Dundonnell Wind Farm north-east of Warrnambool, which will produce 336MW - Mortlake South Wind Farm south of Mortlake, which will produce 157.5MW - Winton Solar Farm near Benalla, which will produce 98.8MW The 928MW of power produced by these projects is expected to drive a 16 per cent reduction in Victoria’s electricity sector greenhouse gas emissions by 2034/35. The VRET will ensure that 25 per cent of our electricity generation comes from renewable sources by 2020, and 40 per cent by 2025. It is expected the targets will drive around $9 billion of investment and create more than 11,000 jobs over the life of the scheme.

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Despite these benefits, Matthew Guy and the Liberals have committed to scrap the VRET – driving up power prices, putting thousands of renewable energy jobs at risk and jeopardising Victoria’s energy security. In contrast, a re-elected Andrews Labor Government will invest more than $1.3 billion to put solar panels, solar hot water, and battery systems on more than 700,000 households through the Solar Homes scheme. To learn more about the successful projects through the VRET auction, go to energy.vic.gov.au. Quotes attributable to Premier Daniel Andrews “It’s simple – greater supply of renewable energy means lower power prices and more jobs for Victorian families.” “We’re making Victoria the capital of renewable energy and supporting the thousands of local jobs it creates.” Quotes attributable to Minister for Energy, Environment and Climate Change Lily D’Ambrosio “Renewable energy creates jobs, drives growth, and protects our environment – and most importantly, helps drive down power prices for Victorian households and businesses.” “In contrast to the Liberals who tried to shut this industry down, we’re backing renewable investment and renewable jobs.” Source: Victoria Government

PROJECT NEWS

Girgarre Solar Farm The federal Department of the Environment & Energy invites public comment on the proposed Girgarre Solar Farm, approximately 6km south west of Girgarre in Victoria. Leeson Projects is planning the 118MW (DC) solar farm on an area of approximately 252.8 hectares of land extensively cleared of native vegetation and used for many decades as irrigated grazing land, predominantly for dairy and cattle grazing. The proposed project will consist of installing the following components: • An array of solar photovoltaic (PV) modules arranged in a series of long rows (typically 85 m) typically no higher than 2.1 m above the ground and supported by a steel and/or aluminium mounting structure including framing, piles which are either screwed or driven into the ground. A total of approximately 253,000 solar panels on an east west single axis tracking mounting system is proposed. • A series of 15 inverter stations will be distributed throughout the solar array. These will connect 22,000 volts to the zone substation with a switchroom located at the southern boundary of the zone substation in the south east corner of the site. • Electrical connections between PV arrays, associated monitoring and protection equipment and central inverters via underground or frame secured cabling. • A tracker actuation system. • Network interconnection facilities to connect the project to local electricity network, including a main power transformer, switchgear, protection, metering and communications equipment. • Site laydown area and compound. • Site entry road, internal access tracks and car park. • Site fencing and associated security equipment. Note: No reference to battery storage although this was part of the development approvals granted by Campaspe Shire Council.

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ACCIONA to make $288 million investment in Australian renewables after Victorian energy auction success 11 September • Company to build Mortlake South Wind Farm (157.5 MW) • Operational in 2020 • More jobs for Victoria ACCIONA is set to invest hundreds of millions of dollars in a new wind farm in Victoria, after success in the state’s Renewable Energy Auction Scheme. Based in Melbourne, the company is already a major investor in the Victorian renewables sector. Its recently completed Mt Gellibrand facility is in the commissioning phase, while the wind farm at Waubra has been operating for almost a decade. On completion the new 157.5 MW Mortlake South wind farm will increase ACCIONA’s installed renewable energy capacity in Australia by 36%. It represents a $288 million capital investment that will create approximately 100 jobs, including around 10 ongoing roles during operations. The facility will contribute to the Victorian Government’s Major Project Skills Guarantee, ensuring local apprentices, trainees and engineering cadets will work on the project. There will also be opportunities for local suppliers to get involved, with ACCIONA committed to working with government and industry to promote tenders, making as much use as possible of local skills and promoting economic growth in the state. Additionally, the company will continue its community engagement and benefits sharing activities, working with local councils and organisations to distribute funds throughout the entire operational life of the asset. “This auction result broadens and deepens our investment in Victoria and Australia more

generally,” said Brett Wickham, ACCIONA Energy Australia’s Managing Director. “We’re pleased that our track record and long-term, low-risk focus has been recognised, and we look forward to working with the Government, local suppliers and local communities to get Mortlake South up and running.” Mortlake South will incorporate a scalable battery energy storage system to help boost performance and integration into the electricity grid. Construction is scheduled to begin in early 2019, with completion expected in mid-2020. The wind farm will generate the clean energy equivalent of the electricity consumption of almost 80,000 Australian households, avoiding the emission of over 532,000 tonnes of CO2 into the atmosphere each year. Since entering the Australian market in 2002, ACCIONA has invested over $1.3 billion in the sector, and sees the country as a key strategic pillar within its global energy portfolio. Mortlake South will be ACCIONA Energy's fifth wind farm in Australia after Mt Gellibrand (132 MW), Cathedral Rocks (64 MW in South Australia), Waubra (192 MW) and Gunning (46.5 MW in New South Wales). Source: ACCIONA Energy

Tilt Renewables Limited successful in obtaining a support agreement from Victorian Government in relation to Dundonnell Wind Farm 11 September Leading Australasian renewable energy operator, Tilt Renewables Limited (“Tilt Renewables”) announces that it has accepted an offer from the Victorian Government to enter into a Support Agreement in relation to approximately 37% of the output from the

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fully permitted Dundonnell Wind Farm (“Dundonnell”). “Since the demerger, Tilt Renewables has continued to progress and execute on near term opportunities from our attractive renewable energy development pipeline. The Dundonnell project represents a significant milestone due to its quality and scale. In addition, securing this Support Agreement strengthens our relationship with the Victorian Government and furthers progress towards achieving the State’s renewable energy targets” said Tilt Renewables Chair, Bruce Harker. Under the Support Agreement, Tilt Renewables will have a 15-year contract with the Victorian Government to supply electricity to the network under a contract for difference price mechanism. The contract relates to the generation output for 29 of the 80 turbines to be constructed at Dundonnell, providing sufficient revenue contracting certainty to progress the project to the point of a final investment decision. Tilt Renewables Chief Executive Deion Campbell said “Tilt Renewables is excited to have the opportunity to partner with the Victorian State Government to help them work towards their target of having 25% of the State’s electricity coming from renewable sources by 2020. In doing so, the business has made a commitment with the State to deliver on a number of significant economic, social and environmental initiatives which will benefit the local community and the State of Victoria.” A final investment decision to proceed to Financial Close is expected in late CY2018 with construction expected to begin early in CY2019. Based on updated Project costings undertaken by the Company, the total construction cost is expected to be approximately A$560 million compared to Tilt Renewable’s previously announced estimate of A$600 million.

Shareholder approvals In accordance with the NZX Listing Rules, Tilt Renewables was required to receive shareholder approval to progress the Dundonnell project. An ordinary resolution to this effect was approved by its shareholders at its Annual Meeting, held on 28 August 2018 in Wellington New Zealand. Funding arrangements As previously announced to the market, Tilt Renewables has secured a fully committed debt package from National Australia Bank Limited (“NAB”) and MUFG Bank Ltd (“MUFG”) which, following completion of standard conditions, will be available to fund approximately A$300 million of Dundonnell’s construction costs. Tilt Renewables was also advised by both NAB and MUFG on the debt financing. The balance of funding is expected to be provided via a pro rata entitlement offer of new shares by Tilt Renewables. As announced on 30 May 2018, Tilt Renewables has entered into a volume underwriting agreement with Citigroup Global Markets Limited and Forsyth Barr Group Limited in relation to a A$300 million equity raising. Based on the updated Project costings undertaken by the Company, the required equity funding has reduced to A$280 million and accordingly, the proposed size of the equity raising has also reduced to this amount. Tilt Renewable’s major shareholders, Infratil Limited (57.881%) and Mercury NZ Limited (19.99%) have each provided conditional commitments to subscribe for their respective entitlements in the equity raising. Further details in relation to the equity raising will be provided closer to the expected Financial Close in late CY2018. The funding structure for the development of Dundonnell is expected to result in relatively stable gearing metrics for Tilt Renewables on a pro forma basis and the revenue hedging from the Support Agreement results in the generation portfolio having a strong bias to price certainty through long-term revenue contracts. Once Dundonnell is operational, Tilt Renewables’ revenue base will be

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approximately 65%1 contracted, based on long-term production expectations and existing executed revenue contracts. Impact on Business “The Dundonnell project is a significant investment opportunity for Tilt Renewables, increasing our operational generation capacity to just under 1GW, further confirming the value of our development pipeline and the execution capability of our team, plus cementing our position as a market leader. In addition to providing attractive shareholder returns, the project will materially extend the average remaining operating life of our turbine fleet, provide further geographic diversification and deliver a wide variety of community and environmental benefits.” said Deion Campbell. It is proposed that Tilt Renewables will proceed to Financial Close on a merchant basis for the remainder of the project not covered by the State Support Agreement. However, post financial close Tilt Renewables will continue to pursue contracting opportunities for this uncontracted portion similar to the strategy successfully adopted for the recently completed Salt Creek Wind Farm. It is expected that Dundonnell will, upon completion in mid to late CY2020, contribute annually approximately A$40 - $50 million of ongoing free cash flow after debt service for the Tilt Renewables group. Source: Tilt Renewables

Ai Group comment on today’s VRET auction announcement 11 September “The additional electricity generation capacity announced by the Victorian Government will help energy users and is welcome at a time of deep uncertainty,” Australian Industry Group Chief Executive Innes Willox said today.

“With electricity prices still far too high following the sudden closure of Hazelwood and the surge in gas prices, more supply is needed to get prices down. And while the winning wind and solar farms are not dispatchable, they will provide an extra buffer to keep expected levels of unserved energy demand within the reliability standard. “It is worth noting that long-standing bipartisan national energy policy, in the form of the RET, has helped make today's announcement possible: the first stage of the VRET is assisted by the RET. Without the NEG or other national energy policy, future State targets and auctions will be harder. Coordination between States and with the energy market authorities will be essential. But with national uncertainty inhibiting needed investment, even second best options are frankly welcome,” Mr Willox said. Source: Australian Industry Group

PROJECT NEWS

Pirie Solar Farm Generation Licence sought for Renew Power Group’s 4.9 MW Pirie Solar Farm, located approximately 11km southeast of Port Pirie in the Mid-North region of South Australia. The solar farm will be connected to the 33 kV SAPN Network, and will consist of: - 2 x SMA Inverters - NEXTracker mounting systems - Tier 1 solar panels The licence is sought for issue as soon as possible and in any event no later than 31 October 2018 in order to be ready for energisation by 1 December 2018. Renew Power Group is in the process of selecting an EPC contractor who will also be in charge of operations and maintenance of the solar farm for a minimum of 2 years. All specialised O&M operations will be undertaken by the equipment suppliers, namely Nextracker & SMA.

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Dundonnell announcement confirms takeover offer inadequate 12 September The Dundonnell announcement confirms that the $2.30 Offer for Tilt Renewables shares is inadequate. The Offer should be rejected. Tilt Renewables Limited (‘Tilt Renewables’) yesterday announced that it will be entering a Support Agreement with the Victoria Government in Australia for approximately 37% of the output from the fully permitted Dundonnell Wind Farm (“Dundonnell”). “This announcement re-confirms the view of the Independent Directors that the offer of $2.30 (“Offer”) materially undervalues the current operational assets and the strong pipeline of future projects. The Offer is inadequate and not fair to our minority shareholders. Do not accept the Offer,” says Fiona Oliver, Chair of the Independent Directors Committee. “The Dundonnell announcement is great news for Tilt Renewables and all our shareholders. It is expected that upon completion in mid to late 2020 Dundonnell will contribute approximately A$40 - $50 million of ongoing free cash flow before debt service annually. This is significant. It will provide attractive, additional shareholder returns. A final investment decision to proceed is expected in late CY2018 with construction expected to begin early in CY2019.” “The success of Dundonnell confirms the value of Tilt Renewables’ development pipeline, the execution capability of management, and Tilt Renewables’ market leading position in renewable energy in Australia and New Zealand. Beyond Dundonnell, we have a significant pipeline of exciting development projects that we expect to deliver further strong shareholder returns.” said Fiona Oliver, Chair of the Independent Directors Committee.

On 17 September, Tilt Renewables will publish a Target Company Statement and it will include more detail on the Independent Directors’ position regarding the Offer and an independent valuation report by Northington Partners. Shareholders will have plenty of time to decide whether to accept or reject the Offer after receiving the Target Company Statement. The Offer must remain open until the end of 15 October and is able to be extended. Source: Tilt Renewables

1414 Degrees lists on the ASX 12 September 1414 Degrees Ltd (ASX:14D) is today listing on the Australian Securities Exchange (ASX) after raising $27 million and gaining more than 2,100 shareholders since it became a public company less than 21 months ago. The latest raising of $16.3 million was at 35 cents. “The Company originated in Australia a decade ago, and our technology has long term, worldwide relevance as the adoption of renewable energy increases,” said Executive Chairman, Dr Kevin Moriarty. “This global support has enabled the Company to fund growth and achieve ASX listing from its own investor sources. Our investor base ranges from very high net worth individuals through to family funds focused on seeing our technology reinforce energy security by helping the expansion of renewable energy. “The next challenge for 1414 Degrees is to select the growth path with immediate revenue potential, since there is clearly wide demand for thermal energy storage products. We need to analyse these opportunities with a view to maximising the best returns for shareholders,” said Dr Moriarty. Source: 1414 Degrees

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Tempo secures solar project win 12 September Tempo Australia Limited (ASX: TPP): further to an announcement by Tempo in February 2018, Tempo confirms that the leading International Power Company (IPC) previously referenced has been successful in being awarded a Power Purchase Agreement for the Cohuna Solar Farm as part of the Victorian Renewable Energy Auction Scheme. Tempo confirms the IPC is Enel Green Power Australia (Enel) the global renewable energy business line of the Enel Group a listed multinational group which reports multi-billion dollar annual EBITDA’s. Tempo confirms that there are still conditions precedent outstanding regarding its current binding letters of intent with Enel and accordingly, the parties are currently continuing work towards finalising contractual arrangements and satisfying the outstanding conditions precedent. The value of the works for Tempo is estimated at $15 million over a 12 month construction period commencing in the first half of 2019. Tempo Chief Executive Officer and Managing Director Ian Lynass said “Tempo has established a strong working relationship with Enel and has continuously engaged in constructive manner throughout the process in the interim. We are very pleased to be working with a world leading energy organisation on this vital renewable energy project for the state of Victoria.” Tempo Chair, Carmelo (“Charlie”) Bontempo stated that “as we continue to implement our strategy it is satisfying that relationships that have been developed by our new leadership team are delivering value to Tempo.” Source: Tempo Australia

Allens advises on Victoria's first renewable energy auction 13 September Allens has advised the Victorian Department of Environment, Land, Water & Planning on the state's first renewable energy auction, which will deliver more than 900 megawatts of new clean energy. Allens advised on all legal aspects of the auction design and tender documentation, and was one of three panel firms which advised on tender evaluation and negotiation. The auction exceeded its original target of 650 megawatts by almost 45 per cent, delivering 928 megawatts of renewable energy as part of the Victorian Renewable Energy Targets (VRET). The projects will generate a combined $1.1 billion of economic investment in regional Victoria and create more than 900 jobs, including 270 apprenticeships and traineeships. 'We are pleased to have worked with the Victorian Government on this innovative approach to renewable energy development,' said lead Partner Paul Kenny. 'The Victorian renewable energy auction scheme is an important component of the Victorian Government's renewable energy agenda, and will be critical to ensuring the state meets its targets of 25 per cent by 2020, rising to 40 per cent by 2025.' The advice builds on Allens' extensive experience in all aspects of renewable energy development and delivery. The firm's renewable energy team brings together expertise in the complex and broad ranging legal issues associated with the development, acquisition and sale of renewable energy assets. This includes acting for sponsors, purchasers, vendors and financiers on all aspects of renewable projects, from M&A to finance, tax and infrastructure. Source: Allens

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MPower awarded early works agreement for $8 million Port Pirie Solar Farm 14 September - Early Works Agreement secured - Business development activity for decentralised power generating assets at record levels Tag Pacific Limited (ASX: TAG) (Tag) is pleased to advise that its wholly-owned subsidiary, MPower Projects Pty Limited (MPower), a specialist renewable energy, battery storage and microgrid business, has been awarded an Early Works Agreement for a 5MW solar farm being developed by Renew Power Group Pty Limited (RPG) in Port Pirie, South Australia. The Early Works Agreement includes preliminary designs and associated activities to an initial value of $100K in relation to the Pirie Solar Farm project. MPower and RPG will now work towards executing a full Engineering, Procurement and Construction contract for the Pirie Solar Farm which is estimated to have a contract value to MPower of between $8 million to $9 million. The contract would, upon execution, result in a further strengthening of MPower’s current order book. New business development activity is also at a high level and the group is preparing for a further increase in activity once the previously announced acquisition of Energy Made Clean completes. Comment Tag’s Chief Executive Officer Nathan Wise commented: “MPower continues to strengthen its order book and secure new decentralised power generating opportunities such as the Port Pirie Solar Farm. “This is an innovative project that will showcase the latest renewable technologies, and once constructed, will deliver reliable and

dependable power generation to the Port Pirie community for many years. “MPower is benefiting from strong demand from industry for renewable decentralised power generation projects. Business development activity is at a high level, and as a result, our current order book is expected to grow substantially. We anticipate securing more projects in coming months.” Source: Tag Pacific

PROJECT NEWS

Kerang Solar Farm ICN Gateway is seeking Expressions of Interest for work packages at Acciona’s Kerang Solar Farm in Victoria. Specifically work packages include: - Civil works – earth moving, fencing, roads and drainage, maintenance building, etc. - Inland transportation - Electrical – Substation, LV cables, inverters, transformers, trenching and cable laying. - Solar farm installation - erection and assembly of steel structures - Steel supply – supply and transformation - Temporary Construction Facilities - accommodation, security, waste and recycling, safety testing, fencing, plumbing, etc. Please note that whilst the packages are broad, smaller suppliers that may only be able to provide partial scope coverage are encouraged to apply. The project is expected to be completed by December 2019, with construction starting early 2019. Further information is available here.