16 October 2018

INFIGEN ENERGY 2018 AGM NOTICE OF MEETING

Infigen Energy (ASX: IFN) advises that the attached Notice of Meeting relating to the Annual General Meetings of Infigen Energy to be held on Friday, 16 November 2018, is being despatched to security holders today.

Amongst other items, an item of business for consideration by security holders at the AGM is a Stapling Restructure Proposal that involves simplifying the stapled structure of the Infigen Energy group by unstapling Infigen Energy (Bermuda) Limited from the other two stapled entities (Infigen Energy Limited and Infigen Energy Trust). The Stapling Restructure Proposal (if implemented) will not affect the continued stapling or operations of Infigen Energy Limited or Infigen Energy Trust.

The opportunity to unstaple Infigen Energy (Bermuda) Limited from the other two stapled entities has become available following the refinancing of Infigen's previous corporate facility in April 2018. The resolutions to give effect to the Stapling Restructure Proposal are included in item 4 of the Notice of Meeting. Further details are outlined in the explanatory notes.

The 2018 AGM Notice of Meeting is also available at Infigen's website (www.infigenenergy.com).

ENDS

For further information please contact:

Investors:

Media:

Sylvia Wiggins

Hayley Morris

Olivia Brown

Executive Director - Finance &

MorrisBrown Communications

MorrisBrown Communications

Commercial

+61 407 789 018

+61 409 524 960

+61 2 8031 9900

About Infigen Energy

Infigen (ASX: IFN) is a leading Australian Securities Exchange (ASX) listed energy market participant delivering energy solutions to Australian businesses and large retailers.

Infigen supplies clean energy from a combination of renewable energy generation and firming solutions available from the broader energy market to Australian business customers.

Infigen is a licensed energy retailer in the National Electricity Market (NEM) regions of Queensland, New South Wales (including the Australian Capital Territory), Victoria and South Australia. The company has wind generation assets in New South Wales, South Australia and Western Australia. Infigen is also developing options for firming in the NEM to support its business strategy.

Infigen is proudly Australia's largest listed owner of wind power generators by installed capacity of 557MW, with a further 113.2MW under construction in New South Wales, and actively supports the communities in which it operates. For further information, please visit:www.infigenenergy.com

NOTICE OF ANNUAL GENERAL MEETINGS

11am, Friday, 16 November 2018

Radisson Blu Plaza Hotel,

27 O'Connell Street, Sydney

NOTICE OF ANNUAL GENERAL MEETINGS

The Annual General Meeting of Shareholders of Infigen Energy Limited (ABN 39 105 051 616) (Company) and

The Annual General Meeting of Shareholders of Infigen Energy (Bermuda) Limited (ARBN 116 360 715) (Foreign Company)

and

A meeting of Unitholders of Infigen Energy Trust (ARSN 116 244 118) (Trust)

Issued by the Company, the Foreign Company and Infigen Energy RE Limited (Responsible Entity) (ABN 61 113 813 997; AFSL 290 710) as Responsible Entity of the Trust

(together, the Company, the Foreign Company and the Trust, Infigen Energy).

Notice is given that the 2018 Annual General Meetings of the Shareholders of the Company and the Foreign Company will be held concurrently with a meeting of Unitholders of the Trust as follows:

Time:

11am (AEDT)

Date:

Friday, 16 November 2018

Place:

Radisson Blu Plaza Hotel

27 O'Connell Street

Sydney

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MESSAGE FROM THE CHAIRMAN

Dear Security Holders,

FY18 was a year of transformational change at both operational and policy development levels. Infigen's FY18 Financial Results have been characterised by strong financial performance and significant progress in delivering on key elements of the strategy to position our business to preserve existing and grow future value for all Security Holders.

Safety continues to be our highest priority. We continued our focus on the safety at our operating assets as well as at our Bodangora Wind Farm, which is under construction. The Board and Management of Infigen continue to look for opportunities to improve our systems and culture in vigilant pursuit of our goal of zero harm.

Over the course of the last 18 months, Infigen has sought to reduce the exposure of its revenues to short term electricity prices and grow the proportion of revenue under multi-year contracts as well as maximise value for our Security Holders. We have invested in additional production, introduced strategies to manage the risks associated with intermittent generation, and advanced consideration of several projects for future investment. In particular we have:

  • • invested in new capacity by commercialising certain projects within the Infigen development pipeline by developing the 113 MW Bodangora Wind Farm;

  • • entered into a new corporate debt facility to enable Infigen to operate the business as a portfolio of assets and to pursue a business strategy involving the diversification of our channels to market beyond large-scale retailers under long term Power Purchase Agreement (PPA) style contracts;

  • • contracted more than one third of our expected generation capacity under multi-year contracts to commercial and industrial (C&I) customers to deliver a balanced portfolio comprising approximately one third of our capacity contracted under long-term PPAs, more than one third to C&I customers and the remainder available for sale in the spot market or opportunistic and short term wholesale contracts;

  • • implemented long-term service agreements with Vestas to manage our existing operational generation fleet optimally across its service life with a mutual objective embedded within the agreements being maximising earnings;

  • • enhanced the human and systems resources in energy markets and project delivery;

  • • developed a 5 Year Business Plan that involves investment in both the ability to firm supply to meet customer needs as well as additional energy capacity both on capital-lite and/or a balance sheet basis; and

  • • undertaken Board renewal. In FY18 we were pleased to welcome Mr Mark Chellew and Ms Emma Stein to the Board.

Looking ahead, the National Electricity Market is continuing to undergo significant change that will require the Board and Management to remain vigilant and responsive to new opportunities that will preserve and create Security Holder value.

The Board anticipates that the remuneration structure will remain both structured and dynamic to reward planned outcomes, the capture of otherwise unforeseen opportunities and the management of risks that protect existing and creates new Security Holder value. It is within this strategic context that Infigen's remuneration structure was reviewed by the Board during the year resulting in three key changes:

  • • deferred Short Term Incentive (STI) was altered to 20% payable in cash after a 12-month deferral period and satisfying relevant criteria;

  • • the remuneration mix was rebalanced to increase the potential STI available for achieving transformational near-term goals and reduce the mix of Long Term Incentive (LTI). For FY19 and beyond, the split between STI and LTI will be 65:35 (50:50 previously). The total quantum of at-risk remuneration is unchanged; and

  • • the Operational Performance condition of the FY19 LTI has been updated to assess progress in implementing Infigen's 5 Year Business Plan to preserve and create Security Holder value while managing risk.

The Board believes that these changes will result in Infigen's remuneration framework remaining market competitive and will continue to appropriately motivate and reward executives to deliver Infigen's business strategy.

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NOTICE OF ANNUAL GENERAL MEETING 2018

I and the other Directors look forward to discussing this with you at our AGM on 16 November 2018.

At that meeting, along with a number of business as usual matters, Security Holders will be asked to consider and vote upon a change to Infigen's listed corporate structure. The proposal is that Infigen will change from being a stapled security comprised of three separate entities, to one with two stapled entities. The entity which would be removed from the stapling is Infigen Energy (Bermuda) Limited (the Foreign Company).

The Foreign Company has not been used since inception. Its unstapling from the listed entities will not of itself result in any change to the overall value of Infigen, the business or the remaining listed securities. Unstapling the Foreign Company from the listed entities will reduce the compliance costs and complexity of the business. Unstapling of the Foreign Company from the listed entities has been something Infigen has been interested in doing for some time. It is an opportunity now available because of the refinancing of our corporate debt in early 2018. Further details about the effect of the Stapling Restructure Proposal are outlined in item 4 of the Explanatory Notes.

At the AGM Security Holders will also have the opportunity to vote on:

  • - the adoption of the Remuneration Report as set out in the Infigen Energy Annual Report 2018;

  • - the re-election of Mr Philip Green as a Director of Infigen;

  • - the approval of Executive Director participation in the Infigen Energy Equity Plan for FY19; and

  • - the re-appointment of the Auditor for Infigen Energy (Bermuda) Limited.

The Board unanimously recommends Security Holders support all resolutions.

Finally, I would like to thank Security Holders for your continued support. Your Directors look forward to welcoming you to our Annual General Meeting to be held on 16 November 2018 and discussing Infigen's FY18 results and the business more broadly with you.

Len Gill

Chairman

Key Highlights

$ millions

FY18

FY17

Revenue (net)

210.1 196.7

Net Profit

45.7 32.3

Underlying EBITDA

149.1 139.3

Net operating cash flow

100.4 98.7

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Disclaimer

Infigen Energy Limited published this content on 16 October 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 16 October 2018 05:57:06 UTC