KEPPEL INFRASTRUCTURE TRUST Annual General Meeting
17 April 2023
FY 2022 Highlights
European Onshore
Wind Platform
FY 2022 Highlights
Strong performance supported by portfolio growth and transformation
Distributable income (DI) | Total Assets |
+15.8%
Inflation protection
+32%
$222.5m$6.0b
>90%
Supported by higher contributions from Ixom and distributions from Aramco Gas Pipelines Company (AGPC)
Enlarged footprint with investments in | ~65% of portfolio with costs pass through |
AGPC, wind farm assets in Europe and | mechanism / CPI-linked, and ~30% in businesses |
leading waste platform in South Korea | with leading position and price-setting capabilities |
Higher EBITDA | DPU growth | Portfolio Valuation | Loans hedged |
+26.6% | 3.82 cents | $7.3b in AUM2 | 72.0%3 |
Higher FY 2022 EBITDA | for FY 2022, 1% higher | Appointed EY for inaugural | of floating interest rates |
of $402.0m1 | than FY 2021's 3.78 cents | annual portfolio valuation | hedged as at 31 Dec 2022 |
- Excludes gain on Ixom's divestment of Fiji business (S$0.5m), one-off acquisition related cost incurred for new investments (S$58.8m), impairment loss on the Lista onshore wind farm in Norway (S$7.7m) and investment in Philippine Coastal ($68.1m), unrealized exchange gain (S$0.4m), and fair value gain on the investment in AGPC (S$20.8m). Group adjusted EBITDA would be S$289.1m without the adjustments.
- Represents KIT's equity stake in the Enterprise Value of its investments plus cash held at the Trust.
3. Excluding the equity bridge loans utilised in 2022 to partially fund the acquisitions of EMKH and BKR2, loans hedged would be ~90%. | 3 |
Driving Portfolio Growth through New Acquisitions
Expanding presence to AA and AAA-rated countries in Asia and Europe
2019 | 2021 | 2022: AUM of S$7.3b for FY20221 |
Sep 2022 | Oct 2022 | Dec 2022 |
Jun 2022
Jun 2022
Jun 2022 | Acquired a 52% | |||||
interest in Eco | ||||||
Feb 2022 | Acquired a 13.4% | Management Korea, | ||||
Jan 2021 | Bought remaining | interest in a European | an integrated waste | |||
30% stake in the | Onshore Wind | platform in South | ||||
Acquired 50% | ||||||
Entered term sheet | SingSpring | Platform, with three | Korea | |||
interest in | to acquire 100% | Desalination Plant | wind farms across | |||
Philippine Coastal | Signed MOU with | economic interest | Norway and Sweden | |||
Feb 2019 | Jinko Power to | in Keppel Marina | ||||
Acquired 100% | ||||||
explore solar farm | East Desalination | |||||
stake in Ixom | Acquired 49% | |||||
and energy storage | Plant (KMEDP)2 | |||||
stake in Aramco | ||||||
investments | ||||||
Gas Pipelines | ||||||
Company as part | ||||||
of a consortium |
Acquired a 20.5% interest in BKR2, an offshore wind farm in Germany
1. Based on FY2022 AUM, following the AUM Portfolio Valuation.
2.Proposed acquisition of 50% stake in Marina East Water, owner of KMEDP. Transaction structure results in KIT becoming beneficiary of 100% | 4 |
economic interest in KMEDP. | |
Growing the Energy Transition and Environmental Service sectors
Completed three transformative acquisitions in 2H 2022 that support long-term DIPU growth
European Onshore Wind Platform1 | BKR2 - German Offshore Wind Farm1 | EMKH - Integrated Waste Platform1 | |||
▪ 3 operating wind farms in Norway and | ▪ 465MW operating wind farm in the | ▪ Leading integrated waste management | |||
Description | Sweden with total power generation | North Sea off the coast of Germany, an | player in South Korea | ||
capacity of 258MW, and 1.2GW2 of | area with strong wind resources | ||||
pipeline opportunity in Sweden and UK |
Operating partner
Key highlights
KIT equity contribution and
effective stake
▪ Fred Olsen Renewables AS (FORAS): | ▪ Ørsted AS: the largest developer and | ▪ | In-house O&M: best-in-class | ||
one of the largest renewables | operator of offshore wind farms in the | maintenance capabilities with value-add | |||
independent power producers in | world with 8.9GW installed capacity and | potential | |||
Northern Europe with 788MW of | ~2.2GW under construction as at 31 | ||||
operating wind farms and ~3.5GW | Dec 2022 | ||||
pipeline as at 30 Sep 2022 | |||||
✓ Built-in growth potential with de- | ✓ Predictable cashflows with FiT regime; | ✓ Evergreen business3 with high barriers | |||
risked asset dropdowns from FORAS | receives higher of FiT or capture price | to entry | |||
▪ | €131.2m (~S$191.6m)4 | ▪ | €250.1m (~S$365.1m)4 | ▪ | ₩296.7b (~S$315.6m) |
▪ | 13.4%4 | ▪ | 20.5%4 | ▪ | 52.0% |
- Jointly defined as the "Acquisitions".
- As of 31 Dec 2022. FORAS is committed to inject and investors are committed to invest in 49% of eligible FORAS pipeline projects, up to the FundCo capital commitment of €480m or within 5 years from the entry into the Subscription Agreement.
- Landfill business commenced in Jan 2022 with a useful life of approx. 10 years.
4. KIT invests as part of JVCo with KRI, where KIT contributes 82% share of the JVCo's required equity commitment. Total effective stake acquired by the JVCo | 5 |
is 16.3% in the European Onshore Wind Platform, and 25.0% in BKR2.
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Keppel Infrastructure Trust published this content on 17 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 April 2023 14:17:03 UTC.
